What happened
After Cotten's death was reported in late 2018, the company said it could not access cold wallets. The exchange sought creditor protection in 2019.
What failed
Customers relied on a platform whose keys were not independently verifiable.
Current status
The exchange is closed. Remaining recovery, if any, is through the court process.
What users should do
- Do not send funds to anyone claiming to reopen old Quadriga accounts.
Lessons
- If you do not control the keys, you hold an IOU.