Coinbase CEO Brian Armstrong releases a summary of an internal investigation into the QuadrigaCX controversy in a series of tweets. Armstrong claims that QuadrigaCX, one of the oldest cryptocurrency exchanges in existence (founded in 2013), was mismanaged and management tried to rescue exchange but couldn't when liquidity dried out during the bear market of 2018. Complaints of withdrawal issues escalated in late 2018.

Armstrong suggests that "maybe after about a month of debate [Dec - Jan], management decided to cut losses and release a statement claiming that access to money was lost with CEO's death?". Armstrong also notes that they have identified clusters of wallets that look like QuadrigaCX's cold wallets, and that these wallets had funds manually moved out by early 2018.