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QuadrigaCX is waiting for maintenance, according to an ad posted on its webpage on January 28th. The stock market, which has been closed with legal problems with Canadian Imperial Bank of Commerce (CIBC), is currently inaccessible.
Screenshot of the QuadrigaCX web page. Source: QuadrigaCX
Users of the exchanges, some of whom would have been unable to access their funds or withdraw them for months, have turned to Reddit and Twitter. An user asked"Should not you warn your client before removing it?" Some users of a post on Reddit have speculated on whether the exchange had become insolvent. One commenter said, "They will declare insolvency because of their inability to find an appropriate bank to host an account and facilitate transfers."
In October 2018, the Exchange challenged $ 19.6 million with CIBC. The Globe and Mail then announced that QuadrigaCX had difficulty accessing $ 16.3 million of its funds since January, when IBC froze five accounts owned by stock exchange owner Jose Reyes and his payment processor. , Costodian Inc.
CIBC subsequently asked the court to withhold the funds and determine whether they belonged to Costodian, the exchange or the users who deposited the funds. The Ontario Superior Court of Justice then ruled in favor of the bank, recognizing that the owner of the funds was not clearly established. CIBC was subsequently required to transfer the funds to the Accountant of the Superior Court to identify the owner of the money.
The situation is further complicated by the apparent death of exchange founder Gerry Cotten. A statement about the sudden death of Cotten, which is no longer available because the site is down, is referenced by the exchange in a Reddit article.
As a result of this publication, some users asked for a proof of death, while one of them had even advanced the theory that the exchange could not access badets stored in a cold store because the keys were known to Cotten.
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