In line with a recent tweet by native Canadian news reporter ‘Jack Julian’, Canadian Judge has delayed the decision on legal representation for clients of renowned Canadian cryptocurrency exchange named QuadrigaCX.
Yesterday on 14th Feb., the Nova Scotia Supreme Court ‘reportedly‘ brought several lawyers that represented over 115,000 crypto traders owed around $260 Mln [around $195 Mln] by QuadrigaCX after the Gerald Cotten [Founder of Quadriga Exchange], sudden death. Specifically, the consumers seeking CA$70 Mln [around $52 Mln] in cash and CA$190 Mln [around $142 Mln] in Bitcoin’s [BTC] along with other cryptocurrencies.
Justice Michael Wood ‘reportedly‘ aforementioned that he would issue a written decision within this case in just a week. However, in that meantime, the monitor appointed by the court, Ernst & Young, has stated that at the present stage the exchange owes CA$100,000 [around $75,000 USD] to the lawyers, whereas QuadrigaCX claims that “as of now, we do not have anything.”
An attorney representing QuadrigaCX ‘Maurice Chiasson,’ ‘reportedly‘ added that Cotten’s Wife named ‘Jennifer Robertson’ has given in CA$250,000 of the CA$300,000 she’s promised to fund this ongoing process so far. However that money is expected to run out following the period of next few weeks or sooner.”
Following submission from the competitive legal teams, Wood reportedly aforesaid that he’s “not sure if you’ve made my life any easier.” Ernst & Young ‘aforementioned‘ that the primary 9 days of the process has been “hectic,” additionally stressing the necessity of stabilizing current investigations into Quadriga’s operations.
Recently on 13th Feb., it was ‘reported‘ that in a recently revealed Ernst & Young’s report named “First Report of the Monitor,” the ‘Big Four’ audit firm added that:
“On 6th Feb., 2019, QuadrigaCX unknowingly transferred 103 Bitcoins [BTC] valued at around $468,675 USD to Quadriga cold wallets that the corporate is presently unable to access. The Monitor is operating with the Management to retrieve this cryptocurrency from several cold wallets, if possible.”
In the course of the audit, Ernst & Young secured several of QuadrigaCX electronic devices — reportedly held or used by Cotten, including four laptops, four cell phones, and 3 totally encrypted USB keys. Ernst & Young has reportedly kept the devices in a safe-deposit box.