Thanks for posting, I missed this one. Some interesting speculation from an unlikely source. I think what he's saying sounds very plausible.
I recommend others read the thread too but here are some key posts:
We identified clusters that look like QCX's "cold storage", were controlled by a human (manually), and balances were moved out by early 2018
They suffered a multimillion dollar bug in June 2017 (before things went vertical).
https://www.reddit.com/r/ethereum/comments/6ettq5/statement_on_quadrigacx_ether_contract_error/
This is when we start to see movement of funds to "cold storages"
Patterns of sends from cold storage suggest they tried keeping exchange afloat, and maybe attempted to trade their way out of a hole; (again just a guess here)
Liquidity dried out and bear market of 2018 may have caught up with them; Sequence of events suggests this was a mismanagement with later attempt to cover for it.
This implies that at least few people inside Qadriga knew that they were running fractional. If so, then it's possible that untimely death of their CEO was used as an outlet to let the company sink.
And a cogent reply from Caitlin Long:
WOW. If true, it shows again that insolvent financial institutions can stay in biz a long time--until they become illiquid. This is why #proofofkeys is V impt for #crypto & why #Wyoming's law (where #rehypothecation a felony) is also V impt to ensuring solvent #crypto custodians
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