Canadian Court Halts Proceedings Against QuadrigaCX for a Month

In the case against the Canadian crypto exchange QuadrigaCX, Nova Scotia Supreme court judge Michael Wood has granted a 30 day stay on Tuesday, according to a Reuters report. This will stop any creditor’s lawsuits from proceeding against the company with a temporary reprieve.

Furthermore, the court documents also show that the exchange’s CEO Gerald Cotten has filed for a will merely 12 days before his unexpected death.

According to the documents, Cotten left all his assets to his wife, Jennifer Robertson, and made her the executor to his estate.

Cotten's sudden death in December last year has left the exchange in a complex situation as he did not leave the passwords of the exchange’s storage wallets. This resulted in the block of CAD 190 million ($135 million) of around 115,000 customers of the exchange.

In January, Cotten’s wife filed an affidavit mentioning that she could not retrieve the wallet passwords of the exchange noting: “Despite repeated and diligent searches, I have not been able to find (the passwords) written down anywhere.”

To repay the customers’ funds, the exchange is considering to sell its platform and asked the court for some time to arrange CAD 250 million.

Major Claims Against the Exchange

Yesterday, a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term portal Zerononcense published a research report disputing most of the claims made by QuadrigaCX. According to the report, the exchange never had the $190 million in Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term it supposedly lost access to after the unexpected death of its CEO.

It also refutes the exchange's claims of possessing a cold wallet and raised many questions on the operational practices of the exchange alleging that it has repaid the withdrawal requests from the customer deposits to the exchange.