CEO QuadrigaCX Death Confirmed

According to the Indian doc, Cotten died 9.12.2018 due to Crohn's disease complications
06 February 2019   1040

Indian authorities confirmed the death of Gerald Cotten, the founder of the Canadian bitcoin exchange QuadrigaCX. As stated by representatives of the trading platform, it happened in early December. The relevant documents were made available to the publication CoinDesk.

India confirmed the words of Jennifer Robertson, wife of Cotten, about his death on December 9. The funeral took place on December 12 in Halifax. According to the documents, he died due to complications from Crohn’s disease. 

Note that many representatives of the community doubted that Cotten really passed away, and assumed that there was a dramatization in order to steal users' funds.

So, it was not entirely clear why death was reported only a month later, with which problems were associated with the withdrawal of Fiat and digital currencies, and why QuadrigaCX did not disclose the relevant evidence.

Recall that about 115 thousand users had cryptocurrency (180 million CAD) and fiat balances (70 million CAD). There are 26,500 BTC, 11,000 BCH, 11,000 BSV, 35,000 BTG, 200,000 LTC and 430,000 ETH stored on the wallets of the exchange. Most likely, all these funds are in a cold storage, access to which was only in Cotten.

Bithumb Filed Appeal Against Korean Tax Office

Looks like the korean exchange doesn't really want to pay an additional tax worth $67 000 000
16 January 2020   119

The South Korean cryptocurrency exchange Bithumb has filed a complaint against the National Tax Service (NTS) because of the requirement to pay additional taxes for the transactions of its foreign customers.

The company claims that cryptocurrencies do not have an official status in the territory of South Korea, which is why the authorities cannot have sufficient reasons to levy any taxes.

The tax court will have to decide within 90 days whether to retain or withdraw from Bithumb the obligation to pay the $ 69.1 million tax that was assigned to it by NTS in November. The Office declares that the withdrawal of income from accounts in Korean won by foreign residents is a taxable event. It is assumed that the exchange itself had to withhold tax from its foreign customers.

We paid the full amount and have since been preparing for arguments. We believe we will be given a chance to clarify our stance in court.

 

Bithumb

 The ministry has its own position on this issue.

Bitcoin under the current law is not an asset. It is clear and simple. The Ministry of Economy and Finance already made that clear. The NTS pushing ahead with the tax imposition is baseless and groundless, especially since it is still awaiting the ministry opinion on the same matter it sought again.

 

Choi Hwoa-in

Adviser to Financial Supervisory Service

According to the expert, the NTS maneuver is well thought out and aimed at starting to levy a tax on income that is currently not taxable.

We cannot comment on the ongoing matter. We will await the judgment from the Tax Tribunal.

 

NTS

Earlier, Bithumb was ordered to pay an additional $ 67 million in tax.