The preposterous story of bitcoin exchange QuadrigaCX is taking a twist and turns round the clock. On Feb 12, Ernst and Young (EY) the invigilating third-party authority appointed earlier by QuadrigaCX for the case, revealed in its first report to the Supreme Court of Nova Scotia about the inadvertent act of the establishment which moved USD 370,800 in Bitcoin to a cold wallet operated by CEO Gerald Cotten, who purportedly passed away in India with the keys controlling user funds.
The report announced:
“Quadriga inadvertently transferred on February 6, 2019, 103 bitcoins valued at approximately CAD $468,675 to Quadriga cold wallets which the Company is currently unable to access.
Ernst and Young is working with Management to retrieve this cryptocurrency from the various cold wallets, if possible.”
Bitcoin Exchange QuadrigaCX Getting Investigated by OSC
Last week on Friday Canada’s biggest securities regulator the Ontario Securities Commission (OSC) has also started investing the besieged crypto exchange which is allegedly conning people through millions of dollars in cryptocurrencies in its inaccessible accounts.
Ontario Securities Commission expressed:
“Given the potential damage to Ontario investors, we are looking into this matter and have already been in contact with the auditing firm.”
According to Bloomberg’s report lawyers are now in the process of meeting and claiming the valid money approx. CAD $196 million of the investors’ opposing the suspected and infamous exchange. Earlier the exchange has got the approval of creditor protection for 30 days and momentary relaxation against any litigations by Nova Scotia Supreme Court because the company requested to restructure the things with the facilitator and monitoring individual audit firm Ernst & Young.
Compensation Appeal for Funds Lost in Bitcoin Exchange QuadrigaCX
Feb 14, 2019, is indicated as the day of hearing at the Nova Scotia Supreme Court which probably can confirm which law firms would be able to appeal the compensation to aid users of the scandalous exchange.
Canada in spite of being quite positive towards digital assets after QuadrigaCX instance the status quo featuring the liberty for the illicit acts by the defaulters and wrongdoers. The officials are not in a position to held responsible and accountable for any of the person due to the dearth of evidence and lost passwords but certainly going to witness the huge potential of millions of loss. It is also quite surprising to note that before Gerald Cotten’s death, the CEO of the exchange made a will and declared his wife a legal heir of everything who doesn’t even know the passwords to access the funds. There is a strong need of heedful regulation in the country and for the entire cryptocurrency industry across the globe because the users are getting conscious about protecting their privacy and hard-earned money.