In line with recent ‘comments‘ on twitter, Chief executive officer of renowned U. S. cryptocurrency exchange named ‘Coinbase’ stated to theories concerning the fall of Canadian exchange ‘QuadrigaCX’.
Mentioning further in series of tweets, Brian Armstrong urged the exchange, that is presently undergoing restructuring procedures and owes creditors over $190 Mln, didn’t attempt fraud.
“QuadrigaCX is one amongst the oldest exchanges [founded earlier in 2013]. If they planned an exit scam, it doubtless would have been timed better,” he added.
Individuals of the now-defunct QuadrigaCX are presently battling through the ‘court‘ to secure their missing funds. The precise circumstances below which their deposits ‘disappeared‘ still stay uncertain, the exchange’s formal CEO, Gerald Cotten, unexpectedly died in December, last year.
Since after this, several ‘claims‘ have raised the prospect that funds were mismanaged and that the official data from QuadrigaCX representatives might not match the facts ensuing from blockchain analysis.
Coinbase had even conducted investigations of its own, Armstrong added, likewise suggesting the last months of operations posed questions on its management.
“Sequence of events suggests this was a mis-management with later attempts to protect it,” he wrote, stating:
“This implies that a min of few individuals within QuadrigaCX knew that they were running in small fractions. If so, then it’s assumable that untimely death of their CEO was used as an outlet to let the QuadrigaCX sink.”
Big Four auditor ‘Ernst & Young‘ is presently consolidating Quadriga’s wallets and accounts. Recently this week, the exchange transferred its remaining accessible balances to the company’s possession.