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Canadian Judge Postpones Decision On Crypto Exchange QuadrigaCX

20:47 15/02/2019
Judge Delays Decision On QuadrigaCX Crypto Exchange

The judge in the case of the Canadian crypto exchange QuadrigaCX is delaying a decision on legal support for users who cannot withdraw their funds. This was reported by a CBC journalist Jack Julian.


About a dozen lawyers participate in the process, defending interests of 115,000 affected users. Specifically, the plaintiffs are demanding a refund of $52 million in fiat money and $142 million in bitcoins and other digital currencies.


The case is led by Michael Wood, the judge of the Supreme Court of Nova Scotia. According to Julian, Wood is in no hurry to make a decision neither on the representative council nor on the users' committee, who would defend the interests of the affected traders in court.


The judge announced that he would report his decision in writing during the week. So far, this does not seem simple to him, since the competing parties provide different facts.


For example, Ernst & Young, an auditing firm hired by the court, states that QuadrigaCX must pay $75,000 for lawyers' services. According to the exchange, it has no funds at all. However, a lawyer Maurice Chiasson, representing the platform, said that the wife of the exchange’s deceased CEO contributed about $188,000 to continue the proceedings. He noted that QuadrigaCX will spend this sum for two weeks or less.


Ernst & Young experts note that the trial was rather hectic these days. Also, it is necessary to arrange the investigation of QuadrigaCX's activities.


Earlier, the Canadian exchange announced it lost the keys to the cold wallets after the death of Gerald Cotten, the company’s founder.


Previously, investors filed a lawsuit against the Huobi exchange.

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