QuadrigaCX Gets Creditor Protection, But Lawyers Considering a Sale

QuadrigaCX Gets Creditor Protection, But Lawyers Considering a Sale

Canadian-based cryptocurrency exchange QuadrigaCX was granted with an order for creditor protection in the Nova Scotia Supreme Court as investigators are still researching evidence of company actions and the company needs time to locate funds after the sudden death of its founder Gerald Cotten.

According to the Canadian News outlet CBC, “Justice Michael Wood gave QuadrigaCX a 30-day stay of proceedings in a bid to stop any lawsuits from proceeding against the company at this point.”

QuadrigaCX is facing financial and compliance problems following Cotten’s death as part of company assets were left inaccessible after the decease. “QuadrigaCX employees say the only way to access much of the cash was lost when Cotten died.” 115,000 users don’t have current access to their funds.

“Company’s lawyer, Maurice Chiasson, told the court QuadrigaCX wants time to search for roughly $250 million Cdn,” the news says. Chiasson could be considering a sale of the company to face obligations and to return clients funds. 

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