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QuadrigaCX: A history of suspicious activity
This is a compilation of everything suspicious I found with Quadriga. Please let me know if there’s anything incorrect or missing Early History (2013-2017)
QuadrigaCX started in 2013 and made history by being the first crypto exchange to register with FINTRAC and accept gold bullion deposits. By 2015, Quadriga became Canada’s largest crypto exchange. So far, so good.
In March 2015, Quadriga attempted to go public and a month later, announced its intention to install Bitcoin ATMs across Canada. Both these plans were eventually aborted.
Even though Quadriga never listed, it started selling its shares over-the-counter. In Sep 2015, Quadriga stopped publishing audits. In March 2016, Quadriga was banned from selling shares after the BCSC issued a cease trade order (CTO) for not submitting an audit.
Around the same time, 3 of Quadriga’s 5 directors (Anthony Milewski, Lovie Horner, Bill Filtness) and CFO (Natasha Tsai) all resigned. Sometime in 2016, Director and Co-founder Michael Patryn resigned. This left Gerald Cotten ("Gerry") as the only remaining director.
Evidence shows that Michael Patryn has used several aliases (including Omar Dhanani) and is a convicted identity thief
Quadriga has changed its business address several times. It started as a Vancouver-based exchange, with its addresses changing from Commercial Dr, Nelson St, and Homer St. Eventually, the address moved to Toronto. None of these were physical office addresses, but instead a mail forwarding address.
The Terms of Service on Quadriga’s website have always suspiciously stated that:
All account fundings are considered to be purchases of QuadrigaCX Bucks. These are units that are used for the purposes of purchasing Bitcoin or other cryptocurrencies. QuadrigaCX Bucks are NOT Canadian Dollars. Any notation of $, CAD, or USD refers to an equivalent unit in QuadrigaCX Bucks, which exist for the sole purpose of buying and selling Bitcoin and other cryptocurrencies. QuadrigaCX is NOT a financial institution, bank, credit union, trust, or deposit business. We DO NOT take Deposits. We exist solely for the purposes of buying and selling cryptocurrencies.
Banking troubles throughout 2018
In late Dec 2017, Jose Reyes (CEO of Billerfy and Costodian Inc, Quadriga’s payment processor) moved over a million dollars from Quadriga’s account and into his own personal CIBC account
Shortly after, CIBC froze these funds and tried reaching out to Gerry, who refused to speak with them
All throughout 2018, Quadriga’s fiat withdrawal times took 2-3 months to complete. Quadriga kept citing the CIBC freeze as the reason. What’s very suspicious is how Quadriga constantly lied to customers with promises such as “the withdrawal backlog will be cleared in 1 week” or “your funds have been processed” when in fact they were months away from doing so.
Period leading up to Gerry’s death
On Nov 27, Gerry filed his will just 12 days before his death. He left a plane, two houses, and $100,000 for the care of his two Chihuahuas.
Gerry had a plan for all his personal affairs in the event of his death but he had no contingency plan for $180M CAD of crypto in cold storage that only he had the private keys to?
India is a suspicious place to travel, considering Gerry had a medical condition and considering how easy it is to get a death certificate there
After a severe bear market, most crypto businesses have been struggling and laying off staff. It’s odd that Gerry, who has no history of philanthropy, chooses to donate money. Especially when his exchange is having so many banking troubles.
The organization that built the orphanage states on their website that they take care of all construction. There was zero need for Gerry to go to India
A reddit post shows that the orphanage exists, although it’s a mystery where the image came from
Bitcoin fell 50% in Nov – the worst monthly decline in 7 years. Gerry’s death occurred shortly after
Gerry’s death and announcement
On Dec 9, Gerry died in India “due to complications of Crohn’s disease.” However, there is a low probability that Crohn’s disease is fatal, especially at the young age of 30
Just a couple days later, a reddit post indicated someone bought 300 BTC on Quadriga at a 25% premium and moved the funds out of the exchange
It took Quadriga over a month to announce Gerry’s death on Jan 14th.
Over the following 2 weeks, Quadriga continued to assure customers that “our hot wallets are being filled and withdrawals are going slower but will complete.”
On Jan 28th, Quadriga takes down their website. Initially they said “an upgrade is being performed,” then the message changed to “site maintenance” before being changed to “Quadriga has filed for creditor protection” on Jan 31st.
In the media, Gerry stated several times that Quadriga uses multi-sig cold storage. This is where 2/3 or 3/5 people can be used to authorize a transaction. Clearly no multisig was used if only Gerry had the private keys.
Formal Active Investigations
A preliminary court hearing was held on Feb 5, 2019 where the Canadian Apex Court appointed Ernst and Young (EY) as Monitor to further investigate into the matter. EY has stated that its an extraordinary challenge to decipher Quadriga's finances, as the company has no accounting records (and did not systematically track incoming and outgoing payments) nor a bank account in its name.
The Better Business Bureau (BBB), which gives Quadriga an F-rating, launched an investigation in Dec 2018
Quadriga has substantial personal information on its customers, including SIN, driver's license, and banking details. Given Quadriga's murky history, customers may have their identity at risk and should setup up credit report and identity theft alerts with either Equifax or TransUnion.
• Effective September 12th, 2019, U.S. customers to be blocked from trading on Binance.com.
CRYPTOCURRENCY TRADING SERVICES
• Polish cryptocurrency exchange Coinroom shuts down overnight and takes users funds • Coinbase now offers its crypto-to-Visa card for its users in Spain, Germany, France, Italy, Ireland and the Netherlands. • On June 21st, 2019, Bittrex will restricts 32 token trading markets for its U.S. customers • Binance to launch new exchange focused on U.S. customers with FinCEN-registered partner BAM Trading Services. • Leading cryptocurrency derivatives exchange BitMEX reports an increase in attacks on user account credentials. As a result, withdrawal requests must be verified via email and the firm is looking to make 2FA mandatory on the platform.
• The mayor of Vancouver pushes for outright ban of crypto ATM’s in the city. A decision to regulate, monitor or ban will be reached by Q4 2019. • The Financial Action Task Force (FATF) is set to finalize guidance for cryptocurrency businesses by June 21st, 2019. • In an official business plan issued by The Canadian Securities Administrators (CSA), the regulatory body looks to apply existing securities regulations to address crypto assets by 2022. The watchdog will first research and identify emerging regulatory issues and then proposing solutions to mitigate them.
• Visa launches Visa B2B Connect Network, a service designed to help Visa’s corporate clients create near instant international payments powered by distributed ledger technology.
• The largest bank in South Korea, KB Kookmin is gearing up to launch a digital asset custody solution in partnership with blockchain start-up Atomrigs Lab. • Bakkt will begin user testing for its physically delivered Bitcoin futures product on July 22nd, 2019. • Facebook brings on Visa, Mastercard and PayPal as backers of its own cryptocurrency. Each of the firms will invest U.S. $10 million into a foundation that will govern the asset. The list has since included Ebay, Coinbase, Andreessen Horowitz, Mastercard and Stripe.
• Code contributor Michael Ford will join existing maintainers Wladimir van Der Laan, Jonas Schnelli, Marco Falke, and Samuel Dobson to maintain the latest version of the bitcoin node software. • The cryptocurrency arm of payments company Square has announced former Director at Google, Steve Lee as its first hire. • Chief Marketing Officer of ConsenSys, Amanda Gutterman steps down from her role and will instead remain as an advisor.
• @nic_carter – “The role of a Bitcoin evangelist should be to manage expectations, not to inflate them” • @nic_carter – “Bitcoin may well be environmentally costly, but it is absolutely worth it, even if it cost 10x more. Because Bitcoin disempowers debt-financed consumerism which the ultimate environmental scourge” • @barrysilbert – “The launch of Facebook's cryptocurrency will go down in history as THE catalyst that propelled digital assets (including bitcoin) to mass global consumer adoption. Will be remembered as just as important -- and transformative -- as the launch of the Netscape browser. Buckle up”
They will proceed to state there is an arrest warrant and that the only way this warrant will be cleared is if Bitcoin is sent to a specific Bitcoin address. To make it even more convincing they will take over phone numbers to local police departments and to the CRA. They may say to call a phone number to your local law enforcement agency and give you the officers name. The number will match ... The first ever Bitcoin ATM was launched in the downtown Vancouver area in 2013. Since then the amount of Bitcoin atm’s in Vancouver has risen exponentially. A Bitcoin atm isn’t really an atm. The closest comparison would be to a vending machine except the vending machine only dispenses goods, you can’t sell the goods back to the vending machine. The Bitcoin atm dispenses Bitcoin but you ... How Does Bitcoin ATM Work . Although there are countless types of ATMs from different manufacturers, they all mostly work the same way. A Bitcoin ATM is connected via the Internet to the Bitcoin blockchain via the Internet and gives the user the address to which the cryptocurrency has been transferred (in both the usual way and in the form of a QR code). The number of bitcoin ATM locations has been rising steadily. Almost 9,000 bitcoin ATMs have been installed worldwide. The U.S. leads as the country with the largest number of bitcoin ATMs ... In brief Bitcoin ATMs enable the user to buy (and in some cases sell) Bitcoin. There are over 10,000 Bitcoin ATMs worldwide, with most concentrated in the USA. To find a Bitcoin ATM, you can use a number of websites and mobile apps. Bitcoin is all about the digital economy and the cashless society. ATMs, […] City: Vancouver CA. Location: Vancouver Bitcoin. Business phone: Show number → 6045599499 IMPORTANT! In case of issues or questions about bitcoin ATM – please contact operator instead. Address: 1807 Burrard street unit 202 Vancouver, BC V6J 1H9 Canada. Open hours: Mon-Fri: 10:00 am – 6:00 pm Sat: 12:00 pm – 5:00 pm Sun: Closed. Bitcoin ... In this post, we will show you how to find your nearest Bitcoin ATM. Currently, Bitcoin is the most valuable cryptocurrency. Currently, Bitcoin is the most valuable cryptocurrency. BTC has a market capitalization of over $200 billion dollars, according to CoinMarketCap How to Find a Bitcoin ATM Near Me. Bitcoin ATMs provide a quick and easy way to buy (and sometimes sell) Bitcoin from the high street. Here’s how to track one down. Published. 1 hour ago. on. October 20, 2020. By. Republished by Plato. In brief. Bitcoin ATMs enable the user to buy (and in some cases sell) Bitcoin. There are over 10,000 Bitcoin ATMs worldwide, with most concentrated in the ... In 2013, the very first Bitcoin ATM was set up in Vancouver British Columbia. Just a few years later, we have 3,000 other cryptocurrency ATMs scattered all over the world. Unlike the usual ATM that needs a debit card, these ATMs allow you to get cash in exchange for your cryptocurrencies from Bitcoin to Litecoin. And now, crypto businesses are looking to set up these crypto ATMs worldwide ... But to use a Bitcoin ATM, you need to find it first which is the tough part because of the low number of Bitcoin ATMs around the world. How To Locate A Bitcoin ATM Near You. You can find a Bitcoin ATM near you by using the Coin ATM Radar service that provides you the option of searching nearby ATMs using the live worldwide Bitcoin ATM map.
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