Quote:
Originally Posted by CBintheNorth
So what are you gonna do with the $190 mil?  |
That $190m figure is in USD. It's actually $180m (CAD) in crypto assets, and $70m (CAD) in cash for $250m CAD total that is owed, last I heard.
Even when/if all of the missing keys and such gets sorted, the company still doesn't have enough to cover its client deposits (due to poor management, not a failing of the assets themselves). Quadriga has been playing catch-up ever since it lost $14m (CAD) in crypto in June 2017 due to a typo in some code. Then they got slammed by Canadian Banks. Then the bear market started and dropped the value of the corporate assets that they held internally. Then when they won their suit against the banks, they got cheques for their millions from the courts, but nobody will honour those drafts. Then Cotten died with the keys.
Basically, it's a perfect storm of mistakes, mismanagement, hostile banks, unfortunate events.
Ultimately, I think if it's a matter of getting through the encryption on the laptop in order to get the keys to access the funds, then I think that might just happen. If it's a matter of trying to crack the keys, forget it, all's lost (except for what remains in the hot wallets and the amounts that the drafts are written for because I'm sure those will eventually get cashed). Either way, apparently their total holdings don't cover their debts.
I'll be happy if I get some of it back, but I'm just really glad I didn't lose more than I did.
Personally, I still think that someone in the company knows more than they're saying. I do believe that Cotten may in fact be dead, but I also think that there's some hanky-panky happening behind the scenes, possibly with the payment processor (the one that QCX was working with, can't remember the name) side of things.
As a screenwriter, my mind has invented so many stories/theories around this:
- Cotten died, biz partners take funds but deny that they have any access.
- maybe someone learned that Cotten was the sole crypto keeper for the company because he got drunk one night and said as much to the wrong people and the nabbed him, tortured him for access, then killed him and they're just waiting for the right time to swipe all the assets
- maybe the Canadian banks heard that he was headed overseas and had him killed in retribution for QCX's precedent setting Supreme Court win, which effectively kills QCX, but does significant damage to the crypto sphere
- maybe his life was threatened and he's in hiding, faking his death, not to exit scam, but just to get off the radar until authorities can find the ones who threatened him
- maybe knowing the company is underwater, the new will he made before disappearing left all his shares to his wife, but also transferred crypto to a hidden wallet so that she could play out the media end of his disappearance and steer the investigations as needed (away from Cotten) and after a while, she'll join him with millions that was shaved off of what was possible to recover my the Monitor
- maybe knowing the company was underwater, Cotten simply couldn't manage the stress and in a weak moment chose suicide
- maybe he did exit scam and he's on his private island somewhere, under a new name, abandoning everything he had for a fresh start
- maybe his wife and him were at odds and she had him killed.
So many potential plausible theories... not saying any are true. It's definitely a crazy story at its core.
This is interesting
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