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The deceased founder of the QuadrigaCX Canadian Bitcoin Exchange, Gerald Cotten, used clients’ funds as a margin trading tool on other platforms. This is stated in the report of the consulting firm Ernst & Young (EY), which was entrusted to act as an auditor on QuadrigaCX.
In particular, the document states that the exchange “had serious problems in terms of operational control and financial reporting.”
For example, QuadrigaCX was actually managed by one person — the late Gerald Cotten, who, according to EY experts, used user funds for personal purposes.
“Significant amounts of cryptocurrency were transferred from Quadriga to Kotten’s personal accounts on competing exchanges. Apparently, cryptocurrency owned by users was then sold on these exchanges, and in some cases was used as security for margin positions created by Mr. Cotten, ” the document says.
It also reported that the former head of QuadrigaCX created fake accounts with confirmed identification on his own stock exchange, replenish them with non-existent millions of dollars and then use them for trading.
The auditor also found that from 2016 to 2019, QuadrigaCX withdrew a significant amount of cryptocurrency to other exchanges, including 9,450 BTC, 387,738 ETH and 239,000 LTC. Another large transaction in the amount of 21,501 BTC, which was sent to the address of an unknown stock exchange, was not taken into account.
Let us recall that in February it became known that QuadrigaCX lost access to users’ funds in the amount of $190 million, and later the Indian authorities confirmed the death of Gerald Cotten, the founder of the exchange.
At the same time, some do not believe in the demise of the exchange’s CEO, suspecting an exit-scam. Evidence in favor of this assumption was the information that a significant part of ethereum was withdrawn from QuadrigaCX on the eve of the death of its founder.
Now, let’s move to the technical analysis of Bitcoin (BTC):
Bitcoin is still testing the resistance level of $9,300. The price fixed above the mark of $9,000, and the uptrend is still observed, that is why we expect a further increase in the price of bitcoin with targets of $9,500, $10,000, $10,300, $10,500. The support levels are $9,000, $8,900, $8,730, $8,600, $8,500, $8,000.
Technical analysis of Ethereum (ETH):
Ethereum keeps the uptrend and is traded at a price of $266.5. We consider long positions if the price is above $270, and shorts positions if the price is below $260. The resistance levels are $272.3, $276, $280, $290, $300. The support levels are $260, $255, $251, $244, $239.7.
Technical analysis of Ripple (XRP):
Ripple looks weaker in comparison with altcoins, it continued the corrective movement and rolled back from the resistance level of $0.4316. We consider long positions if the price is above $0.4315. The resistance levels are $0.4461, $0.4562. The support levels are $0.4168, $0.4027, $0.3888, $0.3812.