Facebook chatter over time shows QuadrigaCX's bizarre history before CEO's mysterious death
QuadrigaCX ($QUADRIGACX), the Canadian cryptocurrency exchange company, argued in a Nova Scotia Supreme Court that it cannot pay back $190 million to clients after its founder, 30-year-old Gerald Cotten, died and being the only one who knew the password to the company's "cold storage."
So few people usually talked about the crypto company on Facebook ($NASDAQ:FB), with only a few dozen or hundred people "talking about" quadrigacx at a time. But they did talk about the company around the founder's death, stories about QuadrigaCX were shared around December 9, the death of Cotten in India due to Crohn's Disease.
Even with Cotten's death, the company only had under 400 unique posts about it, despite holding about $190 million worth of crypto and fiat currency. That's equivalent to what Salesforce founder Marc Benioff paid to acquire TIME Magazine Inc. back in September 2018.
The other spike, which happened in December 2017, was due to an unusual spike in user activity — 388 users reportedly deposited $51.8 million into accounts from then until early February 2018.
While this case is far from being closed in court — historical irregularities in payment processing and improper transfers involving personal accounts happened within the past year — we expect to see more people talking about QuadrigaCX in the near future... Although not for the best reasons.