Brian Armstrong believes that the QuadrigaCX fiasco could be a fraud.

Coinbase CEO Brian Armstrong tweeted that QuadrigaCX management decided to take advantage of the death of the CEO to hide their millions in losses. Therefore, they published a statement that they lost access to private keys.

Armstrong says that this is his personal opinion, and he does not impose it on anyone. However, he prefers to call fiasco QuadrigaCX "pure speculation, nothing more."

Coinbase CEO said his team carefully examined the blockchain and found out that clusters that looked like cold storage were really controlled by someone. And it is likely that it was Cotten. However, balances from there were withdrawn in early 2018.

In addition, he mentions that QuadrigaCX is one of the oldest exchanges. It was founded in 2013. In the summer of 2017, the marketplace faced a multi-million dollar error that occurred due to a smart contract failure. Because of this, user funds were trapped.