Bankrupt Crypto Exchange QuadrigaCX Now Has At Least 4 Law Enforcement Agencies Investigating
You may remember QuadrigaCX, the Canadian exchange with a CEO Gerald Cotten who died and took all the time of the investors to the grave. In a recent development of this story, which happened at the beginning of 2019, at least four different law enforcement agencies are said to be investigating the case.
According to Ernst & Young (EY), one of the largest auditing companies in the world, the FBI, the Royal Canadian Mounted Police, an Australian agency and other unnamed agency are all involved in the case. A lot of money was lost during the case and it turned into an international issue.
At the moment, these agencies are continuing their investigations and George Kingman, an EY employee responsible for the case, affirms that many details of the case are still unavailable to the public because the law requires it.
Another development of the case is that the bankruptcy process of the company will be moved from the courts of Nova Scotia to Ontario. The reason for the change is because the people involved believe that this decrease the costs of moving the process ahead. Several creditors of the company are also in the new jurisdiction, so it will be easier for them to attend to the court hearings.
Unfortunately, most of these situations take a long time and it will still be months until some of the investors can recover their assets. As most of the money was simply lost, there are also the issues that there is no way to actually get the money back.
The next hearing of the case is set to be held on September 10.