Bitcoin News, Business, Cryptocurrency News, Top Stories

Ontario Securities Commission ‘OSC’ Initiated Research Into QuadrigaCX Exchange.

In line with a recent news report by ‘Reuters’, the OSC [Ontario Securities Commission] has initiated a research into Canada’s renowned cryptocurrency exchange named ‘QuadrigaCX’.

The OSC [Ontario Securities Commission] reportedly told Reuters that “given the potential damage to Ontario investors, we are willing to investigate into the matter and have already been trying to monitor.” OSC spokesperson Kristen Rose reportedly declined to specify whether or not this suggests that the Commission was formally investigating the exchange.

The news comes within the wake of the British Columbia Securities Commission’s claim that it doesn’t regulate QuadrigaCX exchange since the firm has reportedly not shown signs of any trading of securities or derivatives, or operational as an exchange casually. The aforesaid damage supposedly refers to the exchange’s missing funds within the amount of CA$190 Mln dollars [around $145 Mln] in digital assets found after the death of QuadrigaCX’s founder named ‘Gerald Cotten’ earlier in Dec.

QuadrigaCX exchange has not been able to ‘access‘ its cold wallets where it held most of its digital assets, as Cotten was supposedly only responsible for the wallets and corresponding keys. Cold wallets are storage systems for digital assets that don’t seem to be connected to the web, that prevents users from being hacked. The exchange supposedly solely has CA$375,000 [around $286,000 USD] in cash, while it owes CA$260 Mln [around $198,435,000 USD] to its users.

The crypto community has been sceptical regarding the circumstances encompassing Cotten’s death, particularly after a news bust that his will, naming his wife ‘Jennifer Robertson’ as the sole beneficiary of his estate, was revealed 12 days before his death. Robertson reportedly declared in a legal affidavit that, “i don’t remember the password or recovery key. Despite continual and diligent searches, I have not been able to find them written down anyplace.”

Just last year, the CIBC [Canadian Imperial Bank of Commerce] ‘froze‘ around 5 accounts that belonged to QuadrigaCX payment processor, named ‘Costodian Inc.’, along with its owner named ‘Jose Reyes’, totalling to $21.6 Mln. The bank supposedly froze the accounts due to its inability to spot the funds’ owners.

Leave a Comment

Your email address will not be published. Required fields are marked *