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The scandal surrounding the QuadrigaCX trade has caused a lot of headaches in the cryptocurrency community. Hundreds of millions of dollars have been lost and investigators are still trying to find out what happened. As usual with big hackers like this, speculation theories have surfaced about what could have happened.
One such theory comes from the CEO, Coinbase Brian Armstrong, who gave his opinion on the issue. In a long thread on Twitter, Armstrong gave his opinion on what the Coinbase team thought had happened with the Canadian exchange.
I wanted to share a summary of what we think happened to QuadrigaCX. We did our own internal research, including blockchain badysis, to see if we could help. Important to note that this is just our best guess. Take this as a pure speculation, nothing more.
– Brian Armstrong (@brian_armstrong) February 21, 2019
As it says in the tweets, the team of Coinbase led the internal research that involved blockchain badysis. Initially identifying the clusters apparently related to the cold storage of the stock exchange, the Coinbase team then found that the balance of said storages was manually controlled and transferred in 2018.
The Quadriga exchange has been operational since 2013 and, as Armstrong points out, this was an exit scam, it probably would have been better planned. The structure of the transactions between the cold stores towards them indicated the attempt of the stock exchange to stay afloat after the difficulties encountered in the management of the company.
Armstrong suggests that it is the death of Gerald Cotten, it seems, related to the mismanagement and the malfunctioning of the exchange.
"So maybe after about a month of debate [Dec – Jan], the management decided to reduce losses and publish a statement claiming that access to money had been lost with the death of the CEO? Although this story is not perfect, it seems plausible. I want to emphasize that these are our best badumptions based on the data available. As the case unfolds, we may be able to discover that we were wrong.
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