QuadrigaCX News: Canadian Apex Court Appoints Ernst & Young Inc. to Investigate Into the Lost Funds

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QuadrigaCX News: Canadian Apex Court Appoints Ernst & Young Inc. to Investigate Into the Lost Funds

  • The QuadrigaCX in a recent attempt to safeguard itself from the creditors has filed for a stay with the Apex Court.
  • The Canadian Apex Court has designated February 5th as the date for a preliminary hearing where it will appoint Ernst and Young Inc. to further investigate into the matter.
  • The widowed wife of the deceased exchange CEO, Gerald Cotten,  reportedly sworn in for the questions. According to sources, the owner of the exchange died on December 9 while traveling abroad.
  • Some of the exchange have been unable to withdraw their funds on the Quadriga exchange since November. Crypto-influencers’ advice to users and exchanges.

Revelations and Other Details Regarding the Matter

The Canadian users of the exchanging have been raising open tickets and have expressed their concerns on Reddit who have been unable to withdraw their cryptocurrencies or fiat funds from their accounts. The cause of delay in withdrawal was earlier cities as the $19 million funds held up by the court for a different case.

The situation soon escalated when Jennifer Robertson, Cotten’s wife reported of his death. She notified the users and the employees that only minimal funds were kept in the hot storage of Cotten’s wallet and most of the cryptocurrencies stored in his personally maintained cold storage had been lost.

Recently, the Board of Directors with Robertson have applied for an interim stay on the matters of withdrawal from the exchange. The Canadian Apex Court has designated February 5th as the date for a preliminary hearing where it will appoint Ernst and Young Inc. to further investigate into the matter.

What are the Crypto-Influencers saying?

The Twitter and Reddit feeds are flooded with concerns and opinions on the baffling issue.  The crypto-community has taken into the investigation of the matter and startling discoveries, and co-incidences are coming to light. Moreover, as the case rests with the authorities now with an ongoing investigation, there is very little that the others can do apart from safeguarding their assets.

Most notably, the CEO of Binance, Changpeng Zhao, had tweeted the need for the utilization of muti-signature wallets. He quoted a series of tweets from Meltem Demirors; who is popular crypto-influencer on Twitter. The tweet from Demirors’s advised the users and the exchanges of the steps that they should take to protect their funds in such a situation.

Binance DEX to be Launched “Very Soon”

In the same thread later he confirmed that Binance decentralized exchange would be launched soon. A decentralized exchange would not have centralized storage of cryptocurrencies but would compile, execute and store everything on the blockchain. Numerous decentralized exchanges have been announced in the past year, 2019 should see their widespread use and adoption.

 

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Canadian Apex Court Appoints Ernst & Young Inc. to Investigate Into the Lost Funds of QuadrigaCX
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Canadian Apex Court Appoints Ernst & Young Inc. to Investigate Into the Lost Funds of QuadrigaCX
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The QuadrigaCX in a recent attempt to safeguard itself from the creditors has filed for a stay with the Apex Court.
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Abhinav Agarwal 84 Articles

A blockchain enthusiast, my expertise extends to marketing and advertising through which I was able to help a few notable startups in generating initial traction. Follow me on Twitter at @abhinavagrwl94 and reach out to me at abhinav[at]coingape.com

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Abhinav Agarwal 84 Articles

A blockchain enthusiast, my expertise extends to marketing and advertising through which I was able to help a few notable startups in generating initial traction. Follow me on Twitter at @abhinavagrwl94 and reach out to me at abhinav[at]coingape.com

Follow Abhinav @