QuadrigaCX Exchange Establishes Official Committee For Affected Users.

QuadrigaCX Exchange Establishes Official Committee For Affected Users.

2019-03-21 | Mike Hallen

QuadrigaCX Exchange Establishes Official Committee For Affected Users.

In line with a recent 'court-notice' published, a new committee has been appointed by renowned law firms named ‘Miller Thomson’ & Cox and Palmer’ to offer steerage in representing affected individuals of leading Canadian cryptocurrency exchange QuadrigaCX.

Within the filing, Miller Thompson added that established the Official Committee of Affected Users of now-shuttered QuadrigaCX exchange, comprising of 7 users affected by the termination of the trading platform following the sudden 'demise' of its co-founder named ‘Gerald Cotten’, last year in Dec.

At the time, the exchange added that it had been unable to access its cold wallet holdings, as Cotten had supposedly been the only person with access to wallets’ keys. With the allegedly inaccessible cryptocurrency accounting for the 'overwhelming' majority of the exchange’s assets, QuadrigaCX presently owes over $198.4 Mln to an estimated 115,000 users.

The recently formed committee is about to assist the law corporations representing all affected users within the court proceedings against QuadrigaCX exchange. The committee will reportedly “retain advisors, consultants and experts to offer recommendations and assist the Official Committee of Affected Users and Representative Council within the exercise of their duties in reference to the aim.”

The committee members have variable fields of experience and embody such business players as Eric Bachour, a creditor of now-defunct crypto-exchange Mt. Gox, and Magdalena Gronowska, who has consultatory expertise in  economic policy development for the govt. of Ontario.

Miller Thomson and Cox were 'appointed' as QuadrigaCX' legal representatives earlier in Feb., by a choice rendered by the Supreme Court of Nova Scotia, Justice Michael Wood. The representative council was set to be accountable for “managing communications with users; acting as user liaison for the monitor [Ernst & Young]; advocating for user interests before the court; identifying potential conflicting interest amongst users; and advocating for user privacy.”

As 'reported' yesterday, QuadrigaCX’ co-founder ‘Michael Patryn’ was reportedly concerned in multiple criminal activities within the past. Patryn and his partner, Lovie Horner, remain two of QuadrigaCX’s  major shareholders, though he has not had any involvement within the company’s operations since 2016 due to some disagreement with Cotten.

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