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QuadrigaCX exchange: a report on the latest news
QuadrigaCX exchange: a report on the latest news
Crypto

QuadrigaCX exchange: a report on the latest news

By Alfredo de Candia - 4 Apr 2019

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The fourth report on the QuadrigaCX exchange bby the Supreme Court of Nova Scotia has been published. The report states that an additional $400,000 of lost funds have been found and the solution of bankruptcy is anticipated.

The $400,000 were found on other exchanges and platforms as QuadrigaCX turned to third parties to process transactions. As can be read in the report, in fact:

“As discussed in the Initial Robertson Affidavit and the Pre-filling report of the Monitor, Quadriga used third-party payment processors to receive, hold and disburse customer funds on behalf of Quadriga. The third party payment processors identified by the applicants as of the filing date were POSConnect Inc., VoPay International Inc., BillerFY Labs Inc., Costodian Inc., WB21, 700964 N.B. Inc. and 1009926 B.C. Ltd. Other third-party payment processors have subsequently been identified by the Monitor and the applicants”.

As for POSConnect, the report explains that:

“On March 12, 2019, counsel to POSConnect replied to the Monitor alleging that under the terms of the contract between Quadriga and POSConnect it was entitled to continue holding Quadriga funds as amounts may become owing under the contract due to disputes with Quadriga customers. On March 20, 2019, counsel to POSConnect followed up with another letter stating that POSConnect owed approximately $300,000 to Quadriga but under the terms of the agreement between the parties, POSConnect would continue holding the funds until the expiry of a hold period on April 28, 2019”.

The report also explains that VoPay owns $116,262.17, while WB12 owns 8,991,991.991 Canadian dollars and 2,360,755.53 US dollars.

As for the possibility of going bankrupt, it is explained:

“Transition the CCAA proceedings to bankruptcy proceedings under the BIA, following an order of the Court lifting the stay of proceedings for the purpose of permitting the CRO to assign each of the Applicants into bankruptcy. In this scenario, the Monitor would transition to the role of trustee-in-bankruptcy of each of the Applicants and the roles of the directors of the Applicants would end. The role of the CRO would also end with the termination of the CCAA proceedings”.

Unfortunately, only users who had a balance of more than $1,000 will be compensated.

 

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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