Message from QuadrigaCX Board of Directors
Dear Customers,
An application for creditor protection in accordance with the Companies' Creditors Arrangement Act (CCAA) was filed today in the Nova Scotia Supreme Court to allow us the opportunity to address the significant financial issues that have affected our ability to serve our customers. The Court is being asked at a preliminary hearing on Tuesday February 5 to appoint a monitor, Ernst & Young Inc., as an independent third party to oversee these proceedings.
For the past weeks, we have worked extensively to address our liquidity issues, which include attempting to locate and secure our very significant cryptocurrency reserves held in cold wallets, and that are required to satisfy customer cryptocurrency balances on deposit, as well as sourcing a financial institution to accept the bank drafts that are to be transferred to us. Unfortunately, these efforts have not been successful. Further updates will be issued after the hearing.
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It’s a very sad story of a young man’s untimely and unexpected death, and the mysterious crypto currency world suddenly found itself at a loss.
We are talking about hundreds of individual victims that include your regular joes, with couple thousand dollar worth of bitcoins, to professional traders and investors with a lot of money locked in the digital wallets, we are certain many of them can’t handle the unexpected financial hit, while we mourn the death of a young man and we are terribly sorry to see so many lives being impacted and ruined by this terrible tragedy.
Editor
