Judgment: The crypto-exchange, QuadrigaCX needs to close

the The once-giant canadian crypto exchange Quadriga has to register in the coming days bankruptcy, so decided to have yesterday, Monday, may 8. In April, the judge in Michael Wood.

By Patrick Pehl
9. April 2019BTC$ € ş 5,203. 13 -0.27% part Facebook Twitter LinkedIn xing mail

The Nova Source Supreme Court in Canada ruled that the closure of the company QuadrigaCX. Since January, the formerly largest canadian Bitcoin exchange, has worked under the Companies’ Creditors Arrangement Act (CCAA), which roughly corresponds to the German process of filing for Insolvency. Thus, the last Chapter in the Causa QuadrigaCX is now well-pitched.

The case is convoluted. Not only the whereabouts of crypto-currencies is not cleared, but also the access to them. Apparently, had met the managing Director of the Company sole access to the private keys of Cold Wallets, and there is no provision for the event of his death. There have also been some conspiracy theories around the case.

last week, the financial Advisor Ernst & Young (EY) was able to have some of the comparatively smaller progress. On accounts with payment service providers, the auditors had found the equivalent of around 400,000 euros. EY announced in this course:

The possibility that Quadriga will be restructured, and the protection of the CCAA can be removed, seems unlikely.

For the 18. April is scheduled a further hearing. This is a possible extension of the CCAA protection. The settlement of the once proud trading platform for crypto-values assumes, Ernst & Young, which audit firm to be granted more Investigative powers.

assets of the widow continue to

frozen More judge Wood ruled that the estate of the deceased CEO of QuadrigaCX, Gerald Cotten, remains frozen. Reason for this is that in the last week, more evidence of infidelity showed up. So Cotten had bought around his partner with a Share of the company's assets of the QuadrigaCX real estate and valuables. All of the values that are held by the company, its owner, the widow Robertson, to be withdrawn from the active hand. The Nova Consulting, Inc., the Robertson Nova Property Management Inc. as well as the Seaglass Trust.

Also, the payment service provider VoPay, Alto, Bureau de Change and the Black Banx, which was formerly WB21, are affected. You are to hand over all assets in connection with QuadrigaCX. Part of the service provider, but refuse even to exchange information. VoPay announced, however, to cooperate.

What you can't from the Causa QuadrigaCX learning: trading with crypto-currencies is only in relation to the volatility of the crypto market is risky. Investors need to pay particular attention to who manages the funds and whether the provider is capable of doing it.

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