Once, in Canada, there was a crypto exchange called QuadrigaCX. In its time, it was like a one-stop shop for crypto — want to buy Bitcoin? it's available. Want to sell Ethereum? easy. Its founder, Gerald Cotten, is a figure who would fit perfectly as a travel blogger on Instagram: sweet smile, traveling abroad, life looking beautiful and carefree.

At first everything was smooth. Canadians put in money, bought crypto, traded, made a profit. But over time, strange signs started to appear: withdrawing money took longer, always citing "technical issues." Strangely, these technical problems never got resolved, but the CEO's vacation photos continued to be uploaded regularly.

Then came December 2018, a plot twist that made this drama worthy of entering Netflix. Cotten was said to have died in India due to Crohn's disease. He was only 30 years old. This news caused a stir, but what caused an even bigger stir: it turned out he was the only person who knew the password to the cold wallet where all Quadriga's assets were stored. And that cold wallet was said to contain cryptocurrencies worth 190 million Canadian dollars.

Investors are starting to panic. "Can't we take the money?!" The answer: no, we can't. The password went "away" with Cotten to the afterlife. But upon further investigation, it turns out the cold wallet had been empty for months before his death. The money has disappeared who knows where — some used for personal trading, some for buying properties and a lifestyle that, well... can't be called simple.

This is where the wild speculation begins. Some believe Cotten really died. Others are convinced he just faked his death, escaped with a new identity, perhaps sipping cocktails on a tropical beach while checking Bitcoin prices on his phone. His body hasn't even been DNA tested, although many victims have requested an exhumation. The Canadian government did investigate, but the results were clear: QuadrigaCX is defunct, the money is gone, and the perpetrator? Even if he is still alive, he's probably far out of reach.

In crypto, if all control is in the hands of one person, it’s not a company, but a lottery. And if the exchange’s CEO posts about luxurious vacations too often while saying "don’t worry," that’s usually a code for… well, you should start worrying now.