QuadrigaCX Can't Get Its $20M

Supreme Court of Ontario ruled in a favor of a bank, not biggest local cryptoexchange
15 November 2018   285

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.

Coinbase US Customers Can Convert Crypto to Gift Cards

Coinbase customers received interesting proposal right before Christmas gifts purchase time
11 December 2018   35

The largest US cryptocurrency company Coinbase announced the expansion of partnership with a London startup WeGift.

Using the Coinbase wallet, American users can buy gift certificates from dozens of retailers, including Uber, Nike and Gap.

To do this, users need to visit the website of the WeGift service and associate it with the Coinbase wallet. As a bonus, when purchasing gift certificates, users do not have to pay a withdrawal fee.

Earlier, this opportunity from Coinbase and WeGift was available only in a few EU countries.