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Canadian Court Gives QuadrigaCX 45 Days To Search For Crypto Assets

12:57 08/03/2019
Canadian Court Gives QuadrigaCX 45 Days To Search For Crypto Assets

The Supreme Court of Nova Scotia has increased the term for searching for the lost crypto assets in the amount of $190 million for the QuadrigaCX trading platform, CoinDesk reports.

 

Attorneys of the crypto exchange managed to convince the judge Michael Wood that QuadrigaCX had made significant progress in finding cryptocurrency, and he decided to increase the search term for 45 days. The next court session will be held on April 18, 2019. During this period, lenders will not be able to sue QuadrigaCX.

 

The work aimed at the restoration of data and all assets of investors is currently in progress, and some extra time is needed for these efforts to succeed, Elizabeth Pillon, a representative of Ernst & Young (EY), the auditing company appointed as QuadrigaCX's observer, stated.

 

The judge decided on the Amazon Web Services cloud service. The company must transfer information from the personal account of Gerald Cotten, the former executive director of QuadrigaCX. Only he had access to all users' accounts which were blocked after his sudden death.

 

To date, 800 victims have directly applied to law firms for help, 58 of them are ready to organize a special committee that will manage the actions of lawyers.

 

Cotten's widow Jennifer Robertson appealed to the judge with a request to make a decision to recover $225,000 from the creditors to pay for the costs of the proceedings, but the court rejected this appeal.

 

As previously reported, the Kraken exchange stated its readiness to pay a reward in the amount of $100,000 for any information that will help in finding the crypto funds missing from the QuadrigaCX accounts.

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