>"EY (Ernst & Young) has published details of the alarming state of the bankrupt Canadian crypto exchange QuadrigaCX’s finances may be even worse than first thought – a fact that could leave scores of customers out of pocket."

Generally, all fiat currency and cryptocurrency were provided to Quadriga on the basis that it would be traded using the Quadriga platform. These funds were commingled with all of either disbursed to an Affected User with a queued withdraw request or transferred to entities not controlled by Quadriga or directly to Mr. Cotten […] or other related parties. Additionally, as set out in earlier reports of the Trustee, Mr. Cotten appears to have created accounts on the Quadriga platform and credited those accounts with either fiat currency or cryptocurrency without providing actual funds.”