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A trustee's audit of bankrupt Canadian cryptocurrency exchange QuadrigaCX has discovered that its late founder siphoned millions of dollars from clients and spent it on himself and his wife. Court-appointed monitor Ernst & Young said in a report that QuadrigaCX's late president Gerald Cotten had transferred the funds from customers' accounts to other cryptocurrency exchanges and then used the money to buy luxury goods, real estate and travel -- and to cover his trading losses. According to the report, "significant volumes of cryptocurrency were transferred off platform outside Quadriga to competitor exchanges into personal accounts controlled by Mr. Cotten." "It appears that user cryptocurrency was traded on these exchanges and in some circumstances used as security for a margin trading account established by Mr. Cotten," it said. "In addition, substantial amounts of cryptocurrency were transferred to wallet holders whose identity the monitor has been unable to confirm." Cotten's .

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