QuadrigaCX to Go Offline After Many Issues

Exchange wasn't able to satiffy withdrawal request due to banking issues for months
29 January 2019   475

The Canadian bitcoin exchange QuadrigaCX, without any prior notice, went offline on Monday evening, citing technical work on the site as a reason.

Our site is down for maintenance. We apologize for the inconvenience this may cause. We appreciate your patience, and will keep you updated as we know more. Thank you.

QuadrigaCX Team

Exchange has not left any additional comments, whose clients have been trying to withdraw funds for several months without success, but users actively comment on the events in social networks.

In addition to explainable dissatisfaction with the fact that QuadrigaCX has stopped working without warning, there are also suggestions that the company is preparing to declare bankruptcy.

Over the past few months, QuadrigaCX has experienced problems with banking services. So, in October it became known that the exchange is not able to satisfy requests for withdrawal of funds due to the blocking of accounts associated with the payment operator Costodian Inc. servicing the site.

The story was continued in November, when the Supreme Court of Ontario refused to return the exchange of $ 19.6 million from its bank accounts. These funds had to be transfered by the Canadian Imperial Bank of Commerce (CIBC) to the accounting of the High Court to establish their owners.

The indicated amount, according to the court, could belong to QuadrigaCX itself, on which its management and Costodian insisted, or 388 users which placed these funds as deposits.

The situation took an unexpected turn this month, when the stock exchange announced the sudden death of its CEO and President Gerald Cotten. QuadrigaCX has not yet provided evidence to confirm his death, but one theory is that the exchange does not have access to cold wallets, since only Cotten had access to them.

Earlier in January, representatives of the exchange notified users through social networks and letters that they had made some progress in the matter of returning funds, managing to settle disputes with CIBC.

In particular, in his letter dated January 15, temporary CEO of the company Aaron Matthews stated that the exchange expects to complete the refund process within two weeks, but this period expires today, and judging by the comments on Reddit, customers have not yet made their money have seen.

It also reported that on last Friday there should be a meeting of shareholders of the company. A new management team should have been chosen, but whether the meeting was held in reality is still unknown.

Hacked Zaif Exchange to Resume Operations

It was hacked in September last year,  about $60 million in cryptocurrency was stolen from its platform
22 April 2019   83

Japanese cryptocurrency exchange Zaif announced that it will complete the transition from the Tech Bureau to the Fisco Digital Asset Group (FDAG) on April 22 and resume normal operation the next day, Cointelegraph reportes.

In September last year, the exchange underwent a hacker attack when about $ 60 million in cryptocurrency was stolen from its platform, including Bitcoins, Bitcoin Cash and Monacoin. As part of the compensation plan to users, FDAG exchange acquired a large stake in Zaif business and transferred to the Tech Bureau over $ 44.6 million.

According to an earlier announcement of the exchange, 40% of the lost funds will be compensated to users by Fiat, and the remaining 60% - to the cryptocurrency, which will be available for withdrawal on April 23.