Canada based crypto exchange named ‘QuadrigaCX’ is down for the maintenance, in line with an official announcement published on its ‘website‘ since from 28th Jan to till this date. The exchange, that was been linked in with some legal troubles with the CIBC [Canadian Imperial Bank of Commerce], and is presently inaccessible, as at the reporting time.
The exchanges users, a number of whom have supposedly been ‘unable‘ to access or withdraw their funds for months, are presently looking into the Reddit and Twitter feeds for additional information. One user ‘asked‘, “Shouldn’t you let your user’s know something before taking it down?” While some other users on a ‘Reddit‘ post speculated as to whether or not the exchange had gone insolvent. Another ‘commenter‘ added that, “They would declare their economic condition due to an inability to seek out an appropriate bank to host user accounts and facilitate transfers.”
Earlier in October last year, the QuadrigaCX exchange disputed a $19.6 Mln in total with the CIBC. The Globe and Mail then ‘reported‘ that QuadrigaCX had been experiencing difficulties accessing to its $16.3 Mln of funds since Jan, once the IBC froze 5 accounts belonging to the exchange’s owner, Jose Reyes and its payment processor, Costodian Inc.
CIBC afterward requested the court to withhold the funds and verify whether or not they belong to Costodian, the QuadrigaCX exchange, or the users who actually deposited the funds. The Ontario Court then dominted in favour of the bank, agreeing that the owner of the funds isn’t clearly established. CIBC was then duty-bound to pass the funds over to the accountants of the higher court so as to spot the owner of the money.
This situation additionally became sophisticated by the apparent death of the QuadrigaCX exchange’s founder named ‘Gerry Cotten’. An official press release related to the unexpected passing of Cotten, that is presently not any longer obtainable as the web-site is down, is even ‘documented‘ by the QuadrigaCX exchange in its Reddit post.
Additionally to the post, some ‘users‘ asked for proof of death, whereas one even posited the ‘speculation‘ that the exchange couldn’t access its assets stored in cold wallet, as the keys were solely known to Cotten.