QuadrigaCX Legal Representatives Form Creditors Committee

Canadian law firms Miller Thomson and Cox & Palmer have appointed a committee to provide guidance to the victims of the mishap created by QuadrigaCX.

In a filing submitted to the Supreme Court of Nova Scotia on March 19, Miller Thomson notified the setting up of the seven-member Official Committee of Affected Users, comprised of customers of the crypto Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term that were affected by its downfall.

Formed by the court’s order, the committee will be responsible to guide the law firms in representing the victims in court proceedings and will act as a liaison for the court-appointed monitor Ernst & Young.

The committee will be responsible for “managing communications with users; acting as user liaison for the monitor [Ernst & Young]; advocating for user interests before the court; identify[ing] potential conflicting interest amongst users; and advocating for user privacy.”

Moreover, it can “retain advisors, experts, and consultants to provide advice to and to assist the Official Committee of Affected Users and Representative Council in the exercise of their duties in relation to the Purpose.”

According to the notification, the appointed members of the committee are Parham Pakjou, David Ballagh, Eric Bachour, Ryan Kneer, Magdalena Gronowska, Eric Stevens, and Nicolas Deziel, along with two alternative members - Richard Kagerer and Marian Drumea.

The names clearly showed the diverse expertise of the appointees in various fields as Bachour is a creditor at the doomed crypto exchange Mt. Gox Mt. Gox Mt. Gox is the name of a Japan-based cryptocurrency exchange that was infamously hacked for 850,000 BTC worth roughly $450 million at the time in February of 2014. During July 2010 Mt. Gox formally launched Mt. Gox launched its exchange and price quoting service. It was subsequently sold to French developer Mark Karpelès in early 2011.Prior to its hacking, Mt. Gox suffered from other security vulnerabilities as early as June 2011. On 19 June, 2011, a security breach of the exchange caused the no Mt. Gox is the name of a Japan-based cryptocurrency exchange that was infamously hacked for 850,000 BTC worth roughly $450 million at the time in February of 2014. During July 2010 Mt. Gox formally launched Mt. Gox launched its exchange and price quoting service. It was subsequently sold to French developer Mark Karpelès in early 2011.Prior to its hacking, Mt. Gox suffered from other security vulnerabilities as early as June 2011. On 19 June, 2011, a security breach of the exchange caused the no Read this Term, while Gronowska is an economic policy development advisor for the Government of Ontario.

“Bachour is also a creditor of Mt. Gox in 2013 and has direct experience with arbitrage and market trading in cryptocurrency. Through the Mt. Gox process he gained exposure to the legal side of bankruptcy and insolvency,” the notification stated.

In February, Miller Thomson and Cox & Palmer were appointed as the troubled exchange’s legal representatives based on an order by the Supreme Court of Nova Scotia.

Another Day, Another Update

The case of QuadrigaCX is getting more and more complex. Though there is hardly any lead for the recovery of the missing funds, the exchange is also tangling into other controversies.

Yesterday, Finance Magnates reported that Michael Patryn, one of the co-founders of the exchange, is a convict and committed several crimes in the United States.

Meanwhile, the widow of the exchange's deceased CEO Gerald Cotten last week revealed that he used his personal money to run the exchange's operations while it was in a litigation process.