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QuardigaCX, a Canadian company, says they can not find their storage portfolio in a cold store. In a notice posted on its website, the crypto exchange claims to have filed for protection under the Companies' Creditors Arrangement Act (CCAA), a Canadian law that deals with bankruptcies in Canada.
Over the past few weeks, we have worked hard to solve our liquidity problems, which include trying to locate and secure our very large cryptocurrency reserves held in cold portfolios, and necessary to satisfy the cash balances on deposit. cryptocurrency of customers, as well as seeking financial resources. institution accepts bank drafts that must be transferred to us. Unfortunately, these efforts have not been successful. Other updates will be released after the hearing.
The exchange gains by not qualifying as a bank or a trust, both of which are exempt from the protections provided by the CCAA.
The death of the CEO sends Quadriga into a dead end (?)
On January 14, the Exchange announced the death of its founder and CEO, Gerald Cotten.
Please see our statement regarding the sudden death of our @QuadrigaCoinEx founder and CEO, Gerry Cotten. A visionary leader who has transformed the lives of those around him, he will be greatly
lack. https://t.co/5rvGZ2BfLV– QuadrigaCX (@QuadrigaCoinEx) January 14, 2019
QuadrigaCX began to have problems last October when a bank froze its funds. David Hundeyin of CCN wrote at the time:
A court document cited the trading platform urging the court not to yield to what it described as an unverified, unverified conjecture that transactions are questionable. Margaret Waddell, Quadriga's lawyer, says the judge reserved her decision at the hearing. For its part, CIBC declined to comment on the case.
The exchange was the largest in Canada in volume until its sudden disappearance this month. The public notices of the company omit many details. These are not the first Canadian exchanges to deal with sudden problems. MapleChange is another notable example.
NCC invites readers with QuadrigaCX experience to share your stories. We would like to know more about the smooth functioning of the exchange leading to its apparent term. A stock exchange that manages to lose its cold storage portfolios is, at the very least, an indication of a routed organization. We can badume that the death of the CEO played an important role in the problems of the exchange, but we can not know it until we receive a comment from them.
As such, it's a story in development. Updates are likely to follow.
Featured image of Shutterstock
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