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Tong Zou, a 30-year-old former BitTorrent and Walmart software engineer, lost all his savings, a total of $ 422,000 in crypto on the Canadian QuadrigaCX cryptocurrency trading system.
"These are all my savings, so I live on the little that I have left and I try to start all over again," Zou told Bloomberg during a phone interview.
He has been living with an AirBnB in Vancouver, Canada for a month. QuadrigaCX "has taken almost everything," he said.
Yes, I saved most of my lives. Party now .. https://t.co/CC60gSGei3
– Tong Zou (@gofishus) January 29, 2019
Zou is one of Quadriga's 115,000 customers who have been trapped in their funds since the sudden death of QuadrigaCX founder and CEO Gerald Cotten.
Read more: The Ontario Securities Commission is now looking at the QuadrigaCX fiasco
However, Zou was not your typical cryptocurrency operator.
This 30-year-old software engineer had been working in California for seven years, when he decided to come back to Canada, settle in and buy an apartment.
Throughout his time in the United States, Zou has made impressive savings of $ 422,000. However, because of the high conversion rates and fees badociated with the transfer of its funds to Canada, Zou chose to convert its funds into crypto, deposited on QuadrigaCX in Canadian dollars and filed a withdrawal request in October 2018.
& # 39; I did not use it for trading. I just wanted to transfer my money to my Canadian bank account, "said Zou.
After four months, the QuadrigaCX saga showed that he had lost all his savings.
Read more: QuadrigaCX saga is "very bad" for Canadian crypto, says Coinsquare CEO
"What I did not know was that my withdrawal would be in progress or incomplete and that it would never be deposited in my bank account. I have been waiting for four months.
"I was going to use that money to make a deposit on an apartment, but now I can not do it anymore. And now, I'm looking for a job, so it's a bad time for me.
He concluded the interview by saying that he "was simply found trapped at the wrong time."
Chepicap recently announced that the Ontario Securities Commission, "The Canadian SEC", would look into the whole affair to see if anything should be done.
However, the OSC did not qualify this investigation as a formal investigation, but stated in a statement that, given the potential harm to Ontario investors, they are currently studying this case and are already in contact with the observer.
Hopefully the OSC will find a way to remedy the situation, but that does not seem likely. For the moment, the whole debacle of QuadrigaCX is played like a painful play.
As always, stay true to Chepicap for all the news of this Canadian saga!
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