Image Source: PrestonMartelly.
[NOTE (7 April 2020): Updates on this post after March 2019 were interrupted by the hospitalization and subsequent death of a family member. If I update information on Quadriga, they will appear in new posts.]
This blog will embark on a larger exploration into decentralized institutions and how they are relating to mainstream institutions, governments and globalism. To support that research, this post will feature links, opinions, and sources on the QuadrigaCX crypto exchange collapse. See my initial post on QuadrigaCX's meltdown, here.
Horrific stories involving QuadrigaCX emerging.— Joseph Young (@iamjosephyoung) February 9, 2019
A former US-based software engineer lost $422,000, all of his savings he gained working 7 years to move back to Canada.
He sent crypto to Quadriga, filed withdrawal in October, hasn't received the money.https://t.co/zoLMnkU4Yz
11 February 2019: TRON CEO Justin Sun offered a job to QuadrigaCX client Tong Zhou who lost $422,000 on the exchange. Image Source: UToday.
Tong Zhou was an ex-@BitTorrent employee and I am saddened by the news of the loss of his life savings in Quadriga CX's digital EX. I sympathize with his predicament and would like to hereby extend an offer to him to once again return to #BitTorrent. #TRON https://t.co/TFh41DWD77— Justin Sun (@justinsuntron) February 11, 2019
Vlog - QuadrigaCX, how I lost my life savings, how I am dealing with it so far.. (15 February 2019). Video Source: Youtube.
By the second week of February 2019, the picture of QuadrigaCX as presented by CEO Gerald Cotten's widow, Jennifer Robertson, began falling apart under scrutiny of different cryptocurrencies' blockchains. See the 'Blockchain Forensics' section below in this post for details.
Social Media Innovation:
Crowd-Sourced Truth and Justice
In an innovative twist, Quadriga's users banded together on social media in early February 2019 to change the narrative. Instead of the funds being automatically lost, they set out to discover the truth about the exchange, because this affair is possibly "just the tip of the iceberg" in the cryptosphere and beyond it.
Together, Quadriga's users are launching their own investigation and are slowly turning the tide of opinion, first in the establishment, which refuses to touch the crypto space or treat it as a legitimate enterprise. On 8 February 2019, Reuters reported that Canada's biggest securities regulator (the Ontario Securities Commission) was looking into QuadrigaCX and cooperating with an RCMP investigation.
Second, Quadriga's users may sway the crypto sphere, where conventional wisdom and cynicism take lack of trust for granted; anyone who leaves fiat or crypto on an exchange is considered a fool who got what is coming to him or her. Some crypto users would rather look the other way and look at this crime as a non-issue. Quadriga is a transitional test case for mainstream adoption; thus, complacency in crypto circles about the collapse of this large exchange and crimes committed therein will affect that space over the long term.
Unfortunately, it appears that there was a difference between what Quadriga seemed to be and what it really was. Informal investigations and unconfirmed and dodgy information related to Quadriga are listed in the 'Theories' section near the bottom of this post.
On 7 February 2019, Quadriga's users set up a Wiki, qcWiki.org dedicated to their online investigation. Declaring that they were seeking "Crowd Sourced Truth and Justice," the site's founders stated:
"The events surrounding QuadrigaCX are extremely suspect; the official story simply doesn't make sense. As things stand, we're left with a mix of facts, rumors and hearsay. This wiki has been created to organize and verify facts. It will help eliminate the spread of misinformation, bring clarity to those interested in following the case and help law enforcement with their investigation.If you have information/evidence of potential crimes committed by QuadrigaCX or individuals associated with it, you can contact RCMP Toronto West who are currently investigating.Phone: (905) 876-9500Website: Toronto West (Milton)
This is insane, but we’re coming in to help the community. The global crypto ecosystem is coming in to help, stay tuned— Joseph Wein₿erg ⚡️ (@josephweinberg) February 11, 2019
We were actually discussing (on Reddit) a crowdfund campaign for the legal costs of any contractors who wish to be transparent & speak out. I think this may be a good idea. https://t.co/OnwdDu4EB9— Mitch Airey⚡ (@MitchAirey) February 11, 2019
PROTEST UPDATE(1/3):— Mitch Airey⚡ (@QuadrigaCXed) February 22, 2019
We're working diligently to ensure all hands are on deck in both the planning and execution of the protest on March 5, 2019 in Halifax, NS.
Help plan: https://t.co/O8HydZzW3O
Announcements: https://t.co/kRk6y5DdW6
-This post will be continually expanded and updated in chronological order and will serve as a resource and links dump for researchers. Suggestions are welcome in the comments below the post. Over time, I will try to make it as complete as possible.