Collapse of Quadriga Crypto Exchange Saves Man’s Lifetime
After losing nearly $500,000 Canadian, including the $200,000 given to her by her parents, Zooey is speaking out. His story, among many others, is now being investigated in a new Netflix documentary.
“A lot of people want to blame me for this,” he says. “Yeah, I deserve some blame because it’s irresponsible. I should have done more research. That’s bad luck too, time. How do I know? I guess I trusted them too much.’
Xu accumulated significant debt in 2018 after taking out a loan of $80,000 to buy bitcoin before the cryptocurrency’s value plummeted. To pay off his debt, the software developer decided to sell his San Francisco condo and move to Vancouver.
He needed to transfer US$400,000 from his US account to his Canadian account, but did not want to pay the bank commission. He claims that he has successfully used other cryptocurrency exchanges in the past, and has friends who have used Quadriga.
“I did some research on Reddit,” he said. “He said: ‘Oh, it’ll take a while but you’ll always get your money. It’s not a scam.’