Canadian crypto exchange QuadrigaCX has filed for bankruptcy as the attempt to restructure the company has failed. The move was approved Monday by a Nova Scotia judge, the country’s national broadcaster reported. QuadrigaCX Enters Bankruptcy Proceedings As Bid to Restructure Fails News that QuadrigaCX’s CEO had died in India of complications from Crohn’s Disease was … Read more
Shuttered cryptocurrency exchange QuadrigaCX could be headed toward bankruptcy proceedings to give creditors the best shot at recouping assets. Ernst & Young (EY) in its latest report recommends transitioning Vancouver-based Quadriga Fintech Solutions, the exchange’s parent company, from a restructuring into bankruptcy proceedings. In doing so, Quadriga’s trading platform could be sold. A freeze request … Read more
The QuadrigaCX failure has claimed another victim. More than 100,000 investors lost a combined $190 million in crypto as a result of the exchange’s comedy of errors that were exposed by the death of CEO Gerald Cotten. Investors were left grasping at straws for any hope of recovering the lost crypto funds, which were stored … Read more
Gerald Cotten reportedly used his own money to fund customer withdrawals. At the time, the Canadian Imperial Bank of Commerce had frozen their bank accounts, questioning their provenance. His widow, Jennifer Robertson, told Coindesk that while she didn’t have a lot of knowledge as regards his operating the exchange, he had told her that much. … Read more
The cold wallets of QuadrigaCX, once the largest crypto exchange of Canada, have reportedly been found to be empty. According to Bloomberg, most of the Bitcoin funds from the exchange’s cold wallets were moved out in April 2018, more than 9 months before QuadrigaCX revealed it had lost $150 million in customer funds after its … Read more
According to cryptocurrency investor Warith Al Mawali, he has lost all of his life savings in the tune of $60,000 to $70,000 on Coinomi, a widely utilized crypto wallet on Android. In a detailed report, Mawali claimed that a critical vulnerability found on the wallet led to the loss of user funds as it compromised … Read more
On February 12, Ernst and Young (EY), the monitor of the QuadrigaCX case, released its first report with the Supreme Court of Nova Scotia. In it, EY stated that the exchange “inadvertently” moved $370,800 in Bitcoin to a cold wallet controlled by CEO Gerald Cotten, who passed away. The report of the monitor read: “On … Read more
A California-based engineer lost the entirety of his life savings after using QuadrigaCX’s cryptocurrency exchange for remittance. Tong Zou, 30, said in an interview with Bloomberg that he had opened a withdrawal request at QuadrigaCX in October 2018. According to his statements, he was planning to move to Canada at that time. Zou thought using … Read more
Provincial securities regulators in British Columbia, Canada, won’t be investigating the QuadrigaCX scandal. However, new developments could see Canada’s largest securities body, the Ontario Securities Commission (OSC), begin an investigation. On Friday, according to Reuters, the OSC has confirmed in a statement it will be looking into cryptocurrency exchange QuadrigaCX, where currently $190 million in … Read more
In what is the latest twist in the ongoing QuadrigaCX saga, there is some more bad news for users of the Canadian exchange, as the British Colombia Securities Commission (BCSC) said on Thursday that the exchange does not fall under its purview, which means that users are not entitled to any kind of investigative or … Read more