Thread by @tayvano_

Looking like my long-held theory that there isn't $190M missing because there was never actually $190M is looking more and more likely. 🤔

Their internal DBs *think* they have more $$ than they have due to combo of
- bad code & math
- fake volume
- internal/external arb

#qcx

Disclosure: this is a theory and this is pure and utter speculation and I have no facts to back it up and you should really stop trusting random people on the internet, folks.

The year is 2014. Gerald Cotten teaches the sweet Canadian children about the potentials of the great decentralized ledger.

No one could have predicted that 4 short years later, his downfall would be due to FAILING TO KEEP A FUCKING LEDGER HIMSELF ARE YOU KIDDING ME?!

Seriously though, this is so much.
- QCX creates fake user
- QCX credits fake user with fake ETH
- QCX makes fake user trade fake ETH for real BTC deposited by real user
- Fake user withdraws real BTC to real blockchain

Of course, the fake ETH isn't really fake ETH. It just someone else's ETH.

👨‍🚒 deposits 10 ETH
👧 deposits 1 BTC
👻 is 'given' 10 ETH

👧 & 👻 exchange 10 ETH<>1 BTC

👧 withdraws 10 ETH ☑️
👻 withdraws 1 BTC ☑️
👨‍🚒Tries to withdraw his OG 10 ETH but QCX has balance of 0 ❌