Re:FTX’s balance sheet was bad
by at-fates-hands on Monday November 14, 2022 @04:30PM
(#33601443)
>> So many ponzi schemes on top of ponzi schemes...
Isn't this what happened with Quadriga exchange?
The regulator said Thursday that Vancouver-based Quadriga's late founder Gerald Cotten committed fraud by opening accounts under aliases and crediting himself with fictitious currency and crypto asset balances, which he traded with unsuspecting clients.
On Thursday, the OSC attributed about $115 million of the $169 million clients lost to Cotten's "fraudulent" trading.
Another $28 million was lost when Cotten used client assets on three external crypto asset trading platforms without authorization or disclosure.
The OSC said he also misappropriated millions in client assets to fund his "lavish" lifestyle and because he was in sole control of the company ever since 2016, he "ran the business as he saw fit, with no proper system of internal oversight or controls or proper books and records."
Isn't this what happened with Quadriga exchange?
The regulator said Thursday that Vancouver-based Quadriga's late founder Gerald Cotten committed fraud by opening accounts under aliases and crediting himself with fictitious currency and crypto asset balances, which he traded with unsuspecting clients.
On Thursday, the OSC attributed about $115 million of the $169 million clients lost to Cotten's "fraudulent" trading.
Another $28 million was lost when Cotten used client assets on three external crypto asset trading platforms without authorization or disclosure.
The OSC said he also misappropriated millions in client assets to fund his "lavish" lifestyle and because he was in sole control of the company ever since 2016, he "ran the business as he saw fit, with no proper system of internal oversight or controls or proper books and records."
https://www.cbc.ca/news/business/osc-quadriga-gerald-cotten-...