Latest Ernst&Young Report Sees QuadrigaCX Used for Personal Enrichment

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The latest Ernst&Young report contains findings that suggest the QuadrigaCX exchange may have been used for personal enrichment, crossing the border between the corporate performance and personal assets. The finding follows weeks of speculation that Gerald Cotten may have diverted funds from the exchange, as no one was able to find the alleged storage of digital assets. There was also evidence that funds from the exchange were moved to other wallets and even other exchanges, raising doubts about the rationale behind the moves. “During the course of the Monitor’s investigation into Quadriga’s business and affairs, the Monitor became aware of occurrences where the corporate and personal boundaries between Quadriga and its founder Gerald Cotten were not formally maintained, and it appeared to the Monitor that Quadriga funds may have been used to acquire assets held outside the corporate entity,” the Monitor commented. The Monitor also concludes that the QuadrigaCX exchange…

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