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After the recent announcement of a suspension of its operation, following the sudden death of its founder, Gerald Cotton, the Vancouver-based QuadrigaCX cryptocurrency exchange was formally bankrupt.
The currency exchange system, which allowed users to keep and exchange crypto-currencies of all kinds, faced difficulties after Cotton's death, because according to the company, Cotton was the only person in the world. have access to the funds and did not explain to anyone else. do this.
Due to Cotton's death, suddenly the QuadrigaCX customer base (approximately 115,000 customers) could no longer access the approximately 260 million Canadian dollars owed to it.
In the hope of finding a creditor, QuadrigaCX sought to prove that he owned millions of dollars, whether or not there was physical access.
According to a report by Bloomberg, the result would be the discontinuation of the Quadriga platform on January 28 and obtaining the "protection of the courts under the Companies' Creditors Arrangement Act of Canada on February 5, Ernst & Young acting as supervisor of the process. . "
They sought this protection under the Companies' Creditors Arrangement Act (CCAA).
In their report on the case, Ernst and Young said the company was unlikely to get out of the restructuring and that efforts to recover the lost badets would be more effective through the declaration of bankruptcy.
Ernst and Young said he planned to return to court in the coming weeks with a final report, which will inform the court and stakeholders of the investigation conducted to date.
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