QuadrigaCX Can't Get Its $20M

Supreme Court of Ontario ruled in a favor of a bank, not biggest local cryptoexchange
15 November 2018   605

The Supreme Court of Ontario will deposit $ 19.6 million, located on five bank accounts of Canada's largest cryptocurrency exchange QuadrigaCX. This is stated in the court ruling and reported by the Cointelegraph.

These funds will be transferred to the Supreme Court of Ontario by the Canadian Imperial Bank of Commerce to establish their owners. For example, $ 19.6 million may belong to the QuadrigaCX exchange itself, on which its management insists that the payment operator Costodian servicing the site or 388 users who have placed these funds as deposits.

At the same time, Judge Glenn Haney was unable to determine the validity of the freezing of the accounts of the exchange by the CIBC within the framework of the proceedings.

Accordingly, it would be inappropriate for me to extinguish any liability that CIBC may have for freezing the accounts in the absence of an evidentiary record that establishes that CIBC has no liability.

Judge Hainey

Supreme Court of Ontario

In October it became known that QuadrigaCX was experiencing problems with withdrawing customer funds due to the blocking of accounts related to the Costodian Inc. service and its owner, Jose Reyes.

Cryptopia to Resume Trading Temporary

Trading lasted few hours and has been stopped, and the company itself has not made any announcements on this matter
18 March 2019   26

Hacked cryptocurrency exchange Cryptopia temporarily resumed trading on this Monday, according to information from the order book on its website. To date, trading has been stopped, and the company itself has not made any announcements on this matter. The total volume of transactions on the exchange, which ceased trading services about two months ago, in the last 24 hours amounted to a little more than 10 BTC.

In a message not related to today's test launch of trades, the exchange announced that it would send letters to all clients affected by the hacker attack. A copy of the letter is available on the Cryptopia website. In it, the exchange describes the circumstances of the hacking and its further actions.

The company also confirmed that it will pay damages to affected users. Customers who kept cryptocurrency stolen from the exchange will see in their accounts withdrawal records without transaction identifiers, reflecting the extent of the damage. They will get Cryptopia Loss Marker (CLM), which are records in the database of payments due to them.

According to the announcement, the company expects to proceed with the payment of compensation and resume trading until the end of the month after the completion of the necessary legal procedures.