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E&Y Report Raises Serious Questions About Quadriga Founder’s Activities

A new report from Ernst & Young shows Gerald Cotton, who founded QuadrigaCX, mismanaged the asset exchange prior to his sudden death. So reports the Financial Post.

Cryptocurrencies that Cotton managed appeared on rival marketplaces in his own accounts, the report finds. Ernst & Young is overseeing the bankruptcy process for the Quadriga Fintech Solutions Corp. and has reported the Canadian company “lacked financial reporting and operational controls, run primarily by a founder whose actions ultimately led to its collapse, leaving hundreds of customers owed millions in cash and cryptocurrency.” The report also shows Quadriga’s users are owed $74.1 million plus another $140.5 million in cryptocurrency.

Read the full article from the Financial Post.

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