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QUADRIGA is the largest cryptocurrency exchange in Canada, which has currently suspended all transactions, leaving its 115,000 users without access to an estimated $ 250 million (£ 146 million).
But what happened to Quadriga? Here is everything you need to know.
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QuadrigaCX, what is it?
Quadriga is a Canadian cryptocurrency exchange that has suspended trading after the sudden death of its founder, 30-year-old Gerald Cotten.
It is estimated that about 180 million Canadian dollars (105 million pounds sterling) of cryptocurrency are currently being charged to the firm, which has obtained temporary bankruptcy protection in a Canadian court.
Since Cotten's death, the company said it was desperately trying to "locate and secure its very large cryptocurrency reserves," the BBC reported.
According to court documents, Quadriga owes approximately 115,000 users approximately 250 million Canadian dollars, about 70 million Canadian dollars in hard currency and between 180 and 190 dollars in cryptocurrency, depending on market values.
Can people recover their Bitcoin and other crypto-currencies?
The company estimates (but is not sure) that the majority of the millions of dollars in cryptocurrency reserves have been secured by "Cold Storage" by Cotten – an off-line protection against hackers and thieves.
Quadriga does not have an office, bank account or employee – it's basically Cotten and his laptop at home in Nova Scotia.
And because the laptop on which Cotten ran all his stuff is encrypted, neither Cotten's widow, Jennifer Robertson, nor investigators can access the company's archives.
And even worse, they can not access the offline reserves of cryptocurrency funds.
It was also revealed that the company had accidentally sent early February nearly half a million dollars worth of Bitcoin to cold stores, which it is now impossible to access.
But the company had liquidity problems before the episode when the CIBC Canadian bank froze five accounts of about C $ 26 million related to Quadriga's payment processor in January 2018.
And the platform says that she also has millions in bank drafts that could not be filed because the banks do not accept them.
It's hard to know when Quadriga users will have access to their funds again.
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Who was Gerald Cotten and how is he dead?
Cotten died suddenly on December 9, 2018 while he was in Jaipur, India.
He suffered complications from Crohn's disease.
Some people have claimed that Cotten simulated his death in order to escape with millions of dollars in funds.
However, an affidavit of his widow included a copy of the death statement from a funeral home in Halifax, Nova Scotia, and the hospital where he had been treated prior to his death revealed the details of the treatments that had been given to him.
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