QuadrigaCX CEO Dies And Takes Crypto With Him ?
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A Sad and very bizzare story took place over the weekend, CEO of the renowned Canadian crypto currency exchange QuadrigaCX has suddenly passed away with over 250million dollars worth of digital assets missing as well. What really happened here ? well let us read the article together that was published by cointelegraph.com
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Message from QuadrigaCX Board of Directors
January 31, 2019
An application for creditor protection in accordance with the Companies' Creditors Arrangement Act (CCAA) was filed today in the Nova Scotia Supreme Court to allow us the opportunity to address the significant financial issues that have affected our ability to serve our customers. The Court is being asked at a preliminary hearing on Tuesday February 5 to appoint a monitor, Ernst & Young Inc., as an independent third party to oversee these proceedings.
For the past weeks, we have worked extensively to address our liquidity issues, which include attempting to locate and secure our very significant cryptocurrency reserves held in cold wallets, and that are required to satisfy customer cryptocurrency balances on deposit, as well as sourcing a financial institution to accept the bank drafts that are to be transferred to us. Unfortunately, these efforts have not been successful. Further updates will be issued after the hearing.
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