QuadrigaCX
Launch
2013
Death / Exploit
December 2018
Total Loss
$190 Million (Cold Wallets)
QuadrigaCX, formerly Canada's leading digital asset exchange, became insolvent following the reported sudden decease of its founder, Gerald Cotten, in India. Cotten had maintained exclusive custody over the cold storage cryptographic keys holding client Bitcoin reserves. Subsquent regulatory investigations established that the keys were not inaccessible; instead, Cotten had operated a fraudulent scheme, misappropriating and liquidating customer assets on external trading platforms.