QuadrigaCX CEO allegedly traded millions in fake funds to fund luxury lifestyle

It appears millions of dollars worth of funds were funneled off the exchange via a slush account set up by QuadrigaCX CEO Gerald Cotten, who died under mysterious circumstances in India in December. Cotten then allegedly used the Markay account’s fake money to buy real funds from unsuspecting customers, sending a large portion of the proceeds to accounts that Cotten controlled at three other exchanges, as well as “wallet addresses where the beneficial owner of the wallet is currently unknown,” according to the report. Cotten traded funds on one exchange for other crypto, mainly BTC, resulting in “overall trading losses,” according to the monitor.

Source: decrypt.co