The Tax Times: Problems With Crypocurrencies - Founder of QuadrigaCX Exchange Dies with Sole Access to Stored Funds

Tuesday, February 5, 2019

Problems With Crypocurrencies - Founder of QuadrigaCX Exchange Dies with Sole Access to Stored Funds

Canada’s largest cryptocurrency exchange, QuadrigaCX, has said that around USD190 million in cryptocurrency and fiat money cannot be repaid to investors, because the CEO and founder, who died in December 2018, had "sole responsibility for handling the funds and coins."

No Other Team Member has the Passwords or Can Access These Funds, and QuadrigaCX has now Filed for

Credit Protection.

Today (February 5, 2019) the company issued a Message from QuadrigaCXan, stating that an order for creditor protection in accordance with the Companies' Creditors Arrangement Act (CCAA) was issued to allow us the opportunity to resolve outstanding financial issues that have affected our ability to serve our customers.

With this filing, the Court has appointed a monitor, Ernst & Young Inc., an independent third party to oversee these proceedings as we make every effort to address our customer obligations. Filing for creditor protection allows us to work diligently through the process, and to try ensure the viability of our company

Included is a Q&A, which they hope will address some of the questions you may have at this time.

A copy of the Oder issued by the Supreme Court of Nova Scotia on February 5, 2019 may be found here

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