QuadrigaCX Gets 45 Extra Days To Find 600,000 ETH
A court in Canada has extended the grace period for QuadrigaCX cryptocurrency exchange to search for the funds lost by its executives. CoinDesk reported that Judge Michael Wood at Nova Scotia Supreme Court was pleased with the earlier extension granted to the firm and ruled to extend the search period by another 45 days, according to Fxstreet reports.
As QuadrigaCX’s legal counsel descends on the courtroom in Halifax, Nova Scotia, for another round of legal proceedings, the court monitor’s third report on QuadrigaCX’s finances — specifically its revelation that the exchange’s cold wallets are empty — lays out some hopeful avenues for fund recovery — and some frustrating dead ends.
Elizabeth Pillon of Stikeman Elliott, representing Quadriga’s court-appointed monitor Ernst & Young (EY), added that the companies are currently in the “data recovery, asset recovery” phase, and needed some “breathing room” to continue their efforts.
QuandrigaCX has been entrenched in a solvency scandal ever since its founder’s untimely death on December 8, 2018. Gerald Cotten passed away while honeymooning with his wife, Jennifer Robertson, in Jaipur, India. According to his widow and his company, he died with the sole knowledge of the exchange’s cold storage private keys and seed phrases. The exchange filed for creditor protection on February 5, 2019.
It is worth noting that last month, the exchange turned its crypto holdings to EY, obeying a previous court order. Though around $190 million if digital assets are still missing, the exchange transferred 51.1 Bitcoin, 33.3 Bitcoin Cash, 2,032.7 Bitcoin Gold, 822.3 Litecoin, and 951.5 ETH to the consulting firm.