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QuadrigaCX was Canada's largest cryptocurrency exchange. In 2019 the exchange ceased operations and the company was declared bankrupt with C$215.7 million in liabilities and about C$28 million in assets.

The downfall of the crypto-asset trading platform QuadrigaCX (Quadriga) resulted from a fraud committed by Quadriga’s co-founder and CEO Gerald Cotten (Cotten).

Clients entrusted their assets to Quadriga, which provided false assurances that those assets would be safeguarded. In reality, Cotten spent, traded, and used those assets at will.

Operating without any proper system of oversight or internal controls, Cotten was able to misuse client assets for years, unchecked and undetected, ultimately bringing down the entire platform.

The company's CEO and founder, Gerald William Cotten possibly “died” in December 2018, while traveling to India. Up to $215M owed to 115,000 customers were missing or could not be accessed because only Cotten held the password to off-line cold wallets.

The collapse of Quadriga caused massive losses for investors from Canada and around the world.

On January 14, 2019, Quadriga announced that Cotten had died in India the previous month. By February 5, the Quadriga platform had ceased operations and filed for creditor protection. Over 76,000 clients were owed a combined $215 million assets.

Approximately 40 percent of these clients were Ontarians. Ernst & Young, the bankruptcy trustee, was able to recover or identify just $46 million in assets to pay out to clients. The people who trusted Quadriga with their money and crypto-assets collectively lost at least $169 million.

On 8 April 2019, the firm entered bankruptcy under the Bankruptcy and Insolvency Act as the possibility of a successful reorganization appeared to be remote.

The Royal Canadian Mounted Police (RCMP) and the U.S. Federal Bureau of Investigation (FBI) were reportedly investigating the company. Lawyers for the customers of the exchange have asked that Cotten's body be exhumed.