Paul Vigna
speaker
1,291 appearances
13 recordings
1 series
first heard Jul 2017
last heard Apr 2022
Paul Vigna’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · Cryptocurrency Mystery: How Did $140 Million Disappear? · 7 Feb 2019
podcast
Yes.
Yes.
Yes.
They held their total obligations to their clients.
Their customers was about 250 million in Canadian dollars.
One hundred and eighty million of it was in crypto and 70 million was in cash.
They were also having wouldn't have the room in the story to get into this.
They were also having problems with the cash because and a lot of cryptocurrency exchanges have this problem.
They can't find banks that want to do business with them.
Banks don't want to be involved in Bitcoin businesses.
So a lot of crypto businesses, they'll get a bank account.
The bank finds out what the business really is and they drop them.
So they have and essentially in their bankruptcy filing, they showed basically bank drafts sitting on this guy's stove in his kitchen.
Oh, my gosh.
So they essentially have $70 million in cash, but they don't have a bank.
So they actually have a bank draft check that they can't cash to access the cash.
Look, at the very best, it is a story of incredibly gross mismanagement of customer funds, and it is a cautionary tale for anybody who wants to invest in cryptocurrency.
Know the exchange.
Know what their business is.
Are they a regulated exchange somewhere?
Showing 741–760 of 1,291 · page 38 of 65
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