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Crypto Exchange Begins Losing Сourt Case To Large Canadian Bank

15:38 14/11/2018

The Superior Court of Ontario is settling a dispute between QuadrigaCX, Canada's largest digital currency exchange, and the Canadian Imperial Bank of Commerce (CIBC). The subject of the argument is the sum exceeding $20 million, as stated in the official document.


In January 2018, CIBC suspended five bank accounts that belong to the Costodian, the payment operator of the exchange, and its owner, Jose Reyes. The exchange could not access the funds due to this. 

The bank froze 25 million Canadian dollars and $69,000, a total of about $20 million, since it could not identify the funds owner. CIBC is going to find out if this money belongs to QuadrigaCX, its processing operator, or to 388 users of the platform who transferred funds to their accounts. 


At the same time, QuadrigaCX claims it owns the larger share of the sum, and the bank has frozen funds mistakenly.

At the last hearing, the judge ruled in favor of CIBC, agreeing that the real holder of the disputed funds has not yet been established. Now $20 million will be transferred to the accountant of the court, who will try to figure out the origin of funds. 


According to Gerald Cotten, the head of QuadrigaCX, the court must primarily find out whether CIBC froze the money lawfully. Based on this, the exchange could plan its further strategy. The Superior Court of Ontario cannot yet judge the legitimacy of the CIBC actions, since there is no evidence that the bank is responsible for suspending accounts. 


Earlier, mining giant Bitmain sued a hacker for stealing $5 million in bitcoins.

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