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Globe says OSC one of four agencies probing QuadrigaCX

2019-08-28 07:55 ET - In the News

The Globe and Mail reports in its Wednesday edition that four law-enforcement and regulatory agencies, including the RCMP and the Ontario Securities Commission, are investigating QuadrigaCX. The Globe's Alexandra Posadzki writes that Ernst & Young says it has received formal document requests relating to some of the investigations, including from the RCMP's financial crime division in Milton, Ont., and is looking to move the case from Halifax to Toronto to make it less costly to comply with the probes. Both the OSC and the RCMP declined to elaborate on the nature of their investigations. Once Canada's largest cryptocurrency exchange, Quadriga was shuttered earlier this year after the sudden death of its 30-year-old chief executive officer. Gerald Cotten died of complications relating to Crohn's disease. Since his death in December, an estimated 76,000 Quadriga users have been unable to access roughly $214.6-million of their funds -- much of which is missing. The U.S. Federal Bureau of Investigation has indicated that it is probing the matter and the Canada Revenue Agency has requested related court documents. Mr. Cotten operated the exchange from his laptop computer and was the only one who knew the passwords.

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