Thread by @patio11

Analysis (and original) of Earnst and Young’s attempt to forensically reconstruct what happened to the largest Bitcoin exchange in Canada (spoiler: answer is not “Competent administration of a fully compliant financial institution.”)

patreon.com/posts/quadriga…

The thing which is most amusing for me is the part where a payment processor has their bank freeze funds belonging to the exchange then pay them out on bank drafts (checks), which *no bank in Canada was willing to touch.*

(An eminently sensible call!)

I just love the idea of Earnst and Young saying “Hey we have a check here for $25 million we need to deposit.” “Oh sure let me ask where it came from.” “*explanation*” “Eff no get out of this office.” “But we’re a large and reputable client.” “That’s why I said ‘Eff’”