1/ Just watched this documentary on Netflix about the Canadian crypto exchange #QuadrigaCX that collapsed in 2018.
The CEO basically ran a ponzi & gambled away $150 mil in user funds when he was making 2% in fees on transactions - out of over $1 bil in volume!
What an idiot. 👇
The CEO basically ran a ponzi & gambled away $150 mil in user funds when he was making 2% in fees on transactions - out of over $1 bil in volume!
What an idiot. 👇
2/ Guy was addicted to gambling and his plan from the start was to create a crypto exchange and scam users.
Yet, his exchange became the most successful in Canada and he would have been rich on a legitimate business. My god!
Greed kills people and this guy literally died.
Yet, his exchange became the most successful in Canada and he would have been rich on a legitimate business. My god!
Greed kills people and this guy literally died.
3/ Gerald (the CEO) basically moved all user funds to other exchanges and gambled them away while he credited users with "fake" crypto / CAD.
Once the 2018 crash happened, he could not process withdrawals as people exited crypto and the exchange collapsed.
Users money lost.
Once the 2018 crash happened, he could not process withdrawals as people exited crypto and the exchange collapsed.
Users money lost.
4/ If you heard about #Wonderland or #Time - the co-founder of QuadrigaCX was Michael Patryn aka Omar aka Sifu, partner of Gerald Cotten, the guy that died.
Sifu was in charge of Wonderland DAO treasury not long ago!
The rabbit whole goes deep!
Sifu was in charge of Wonderland DAO treasury not long ago!
The rabbit whole goes deep!
5/ Moral of the story:
1. Crypto is full of professional scammers that are addicted to this game, even if they have a chance to get rich legitimately.
2. Don't be that guy that lost $400k on QuadrigaCX because he wanted to save $8k in transfer fees after buying the top in 2017.
1. Crypto is full of professional scammers that are addicted to this game, even if they have a chance to get rich legitimately.
2. Don't be that guy that lost $400k on QuadrigaCX because he wanted to save $8k in transfer fees after buying the top in 2017.
6/
3. Only use reputable exchanges and make sure you keep you assets in cold hardware wallets!
4. If you plan to move $400k into an exchange, at least do a test run with 10% of your money first!
Stay vigilant!
In crypto anything goes and people will try to scam you! 👇
3. Only use reputable exchanges and make sure you keep you assets in cold hardware wallets!
4. If you plan to move $400k into an exchange, at least do a test run with 10% of your money first!
Stay vigilant!
In crypto anything goes and people will try to scam you! 👇
7/ If you liked this thread, #retweet the first post to get more of this content in the future! 😍
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