After the collapse of the QuadrigaCX cryptocurrency exchange, Ernst&Young (EY) had been researching the bankruptcy, only to find that the now deceased CEO had been using customer funds to margin trade cryptocurrencies. After conducting research on Quadriga’s case, EY released a 70 page-long research paper detailing the reasons on how flawed the business model and activities were with the exchange. According to the report, Quadriga had been making questionable transactions on other exchanges as well as unidentified wallets, alongside allowing its CEO to trade user funds with margin, albeit unsuccessfully. EY also found out that, the exchange had been topping
