TORONTO — Last year's collapse of Canadian cryptocurrency trading platform Quadriga CX was due to a Ponzi scheme operated by founder Gerald Cotten, who died suddenly in December 2018, the country's biggest securities regulator said on Thursday. Cotten died at age 30 from complications of Crohn's disease while volunteering at an orphanage in India, according to the Facebook page of Quadriga CX, which announced his death in January 2019. "What happened at Quadriga was an old-fashioned fraud wrapped in modern technology," staff at the Ontario Securities Commission (OSC) wrote in a report. "While public release of an investigative report is rare, we believe the tens of thousands of Ontarians who entrusted Quadriga with their money and crypto assets deserve to know what happened."

Source: New York Times June 11, 2020 21:32 UTC