QuadrigaCX: A Tragedy Worth $150 Million in Cryptocurrencies

Spread the love

The case of QuadrigaCX is both a sad and interesting one. Last month, the Bitcoin exchange’s CEO, Gerald Cotten passed away. The tragedy left about $150 million worth of cryptocurrency to become inaccessible.

Needless to say, the crypto world was shocked. According to more recent information, clients may be compensated with the sale of the exchange. Additionally, the laptop of the deceased owner will be given to lawyers for the exchange’s creditors and will eventually be given to a court-appointed monitor.

There really isn’t much room to operate after such an unfortunate set of circumstances. The exchange tried to file for protections under a very old law which can prevent the destruction of completely insolvent businesses in Canada. The management is now also considering to sell the exchange’s IP assets in an effort to pay its debts.

QuadrigaCX was definitely the most popular Bitcoin Exchange in Canada

$150 million is without a doubt a huge amount of money. Countless specialists will be employed in order to crack the laptop and recover the funds, but many analysts have said that there might not be any crypto to recover.

Some analysts have noted that the main addresses of QuadrigaCX have send outgoing transactions after Cotten’s death. This shouldn’t be possible if Cotten had full control over all the of company’s assets.

When piled up with the suspicious claims about QuadgrigaCX’s foundation, the rumors of an epic-scale exit scam have begun spreading like wildfire.

QuadgrigaCX became Canada’s biggest Bitcoin exchange in a very short period of time. After Cotten’s death many users have shared their experience in dealing with the exchange. As usual, the views vary from person to person, but the overall opinion is mostly positive.

Clients share that the exchange was very convenient and service was always on time or with minimal delays. Of course some people share that they experienced significant delays and they are very dissatisfied with QuadrigaCX, but that’s only to be expected.

Whether or not the exchange is still in the possession of the $150 worth of cryptocurrencies remains to be seen. This unfortunate set of circumstance will only be decided in court and the exchange’s moves from this point onward will be entirely dictated by lawyers and judges.

You can also check out:

The post QuadrigaCX: A Tragedy Worth $150 Million in Cryptocurrencies appeared first on CoinStaker | Bitcoin News.