David and I just finished an update on crypto exchanges. David posted it on his blog, so go check it out over there.

We’ve both covered QuadrigaCX, the Canadian exchange that collapsed in early 2019, in-depth. Over and over again, reporters asked us: “How could something like Quadriga happen?”

It happened because Quadriga had absolutely no oversight. Regulators barely knew Quadriga existed. Nobody in crypto cared while the charming Gerald Cotten was talking good news for bitcoin.

You should assume that exchanges will act against their customers in absolutely any way they can get away with. This is, after all, the historical behavior of crypto companies of any sort.