QuadrigaCX Canadian Cryptocurrency Exchange Officially Declared Bankrupt

QuadrigaCX, the leading Canadian currency exchange center, was officially declared bankrupt, CBC reported, CBCG reported on April 8th.


Bankruptcy Quadrige today would be approved by Supreme Court Judge in New Scotland Michael Wood and followed by the recommendation of Judge Ernst & Young (EC) that it should be declared bankrupt earlier this month.


The EC legal team subsequently argued that in the process of restructuring QuadrigaCX under the CCAA, it would have to move to an alternative process under the Insolvency Insolvency Act (BIA).

The decision now gives the EC enhanced investigative powers as a BIA agent, which means that a company may require the production of documents and witness testimony.

Today Wood has set up a so-called EC property protection mandate extending to all property owned by Jennifer Robertson - the wife of former co-founders Quadrige, Gerald Cotten - and Cotten. The command prohibits Robertson from selling, retrieving, and transferring property.


As noted above, Quadriga sought to protect the creditor when, after Cotten's death, lost access to the cold wallet and the corresponding keys, who held the assets of various clients. It is currently expected that the exchange will exceed $ 195 million for more than 115,000 customers.

At the end of March, legal representatives of Quadrige - Law Firms Miller Thomson and Cox & Palmer - formed the official board of relevant stock exchanges. The purpose of the board is to assist law firms in representing all users involved in court proceedings against QuadrigaCX.

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