An investigation of the situation of QuadrigaCX by Twitter user @ProofofResearch has now concluded. Thein-depth report finds that the exchange likely never lost access to its hot Bitcoin wallet, and also that they were probably lying about having cold wallet reserves.

After Canada's largest cryptocurrency exchange shut down last month, it emerged that the death of its CEO may have led to the loss of almost $190 million in customer funds, due to their being stored on a wallet for which only he had access to the private keys.

As is customary at every close of exchanges, it was alleged that Canada's largest crypto-trading platform was trying to trick its users by some kind of exit fraud. The recently completed report from @ProofofResearch does not necessarily confirm this, but highlights some particularly critical facts.

An analysis of the Wallet Explorer for addresses associated with QuadrigaCX shows that "since the alleged date of Gerald Cotten's transition, several outbound transactions have been made from a particular cluster address.
Although this is not incontrovertible evidence, the claim that the death of the CEO prevents access to client funds is called into question.
This cluster address "contains over 200,000 wallet addresses used by QuadrigaCX," strongly suggesting that it is the main hot wallet of them.

Another QuadrigaCX claim was that the exchange had reserves in a cold wallet to allow customers to withdraw at any time.
The analysis of the transactions strongly suggests that "there was no designated hot or cold wallet to transfer customer's money.
In particular, they had to put together funds from various disorganized locations to ensure that the withdrawal was successful.
Since the funds came from a variety of unrelated customer deposits that were in different cluster wallet addresses, it was highly likely that bitcoins that had originally been allocated to specific customers had to be redirected to meet customer withdrawals. "

Also there are theories that Cotten feigned his death by purchasing a fake death certificate in India and is running away with the $190M.

What do you think about this?
and will QuadrigaCX be able to pay back customers?