QuadrigaCX CEO to Use Own Funds to Pay Customers

This was stated by Gerald Cotten's widow Jennifer Robertson
14 March 2019   170

The deceased founder of the QuadrigaCX Canadian Bitcoin Exchange, Gerald Cotten, could use his own funds to pay customers. This was reported by his widow Jennifer Robertson, CoinDesk reports.

In 2018, the Canadian Imperial Bank of Commerce froze $ 28 million in fiat assets of the exchange, without being able to confirm their owner.

While I had no direct knowledge of how Gerry operated the business, he told me that he had been putting his own money back into QCX to fund user withdrawals in 2018 while the CIBC money remained frozen. I believe Gerry had the best interests of the business in mind, and cared for his customers.

Jennifer Robertson

Gerald Cotten's widow

It also became known that Stewart McKelvey will no longer represent the interests of the exchange because of the presence of a certain conflict of interests, the details of which, however, are not disclosed.

The exchange is still trying to restore access to users' funds for $ 190 million. Earlier it was reported court gave additional 45 days for the exchange to look for missing funds.

Cryptopia to Provide New Info Regarding Compensations

The exchange isn't going to refund deposits, sent more than 24 hours after the security breach
25 March 2019   34

The New Zealand cryptocurrency exchange Cryptopia provided additional information regarding the procedure for paying compensation to users who suffered from a hacker attack in January.

According to today's announcement, users who have made deposits to their addresses more than 24 hours after the company reported the incident, that is, after 16/01/2019 12:00AM NZT , will not be able to claim payment in accordance with the previously announced plan.

The Exchange also draws attention to the fact that it currently does not have a specific deadline for returning assets to users to whom such payments are due. Cryptopia addresses are still not available for deposits, so users shouldn't try to transfer funds to them until further notice. After the renewal of deposits, clients of the exchange will need to regenerate the purse addresses for each of the supported cryptocurrencies.

As analysts noted, the funds withdrawal continued even after the official announcement and the start of a police investigation.