Digital Currency Revolution Series: QuadrigaCX Legitimately Goes Bankrupt

Once upon a time, Canada's renowned cryptocurrency exchange ‘QuadrigaCX’ has now officially been announced as ‘bankrupt’, as per the CBC reported on April 8.

Today, Contemplating the court monitor Ernst & Young’s (EY) recommendation that it should be declared bankrupt earlier this month, Nova Scotia Supreme Court Justice Michael Wood has reportedly approved Quadriga’s bankruptcy.

Other Canadian cryptocurrency exchanges, such as Coinsquare, Bitbuy, and Kraken, etc are usually undergone meticulous auditing process. All these developments illustrate the lingering concerns and the urge for Canadian auditing practice.

It was once upon a time, the largest cryptocurrency exchange in Canada and along with installing BitXATM Sumo PRO has now undergone the rehabilitation diagnoses from their court-designated independent auditor, Ernst & Young as this cryptocurrency company sensed rough patch of time in the past and went from bad to worse conditions for now. 

Well, as per a report dated April 1st, 2019, the exchange seems to be left over with the last resort as ‘bankruptcy’.

Yes, we refer to ‘QuadrigaCX’ that has been perplexed between the streaks of disputes on the back of the sudden demise of the CEO Gerald Cotten and incurred a heavy loss amounting a mammoth CAD $190 million (USD $143 million), which ultimately shut down in cold wallets. 

Thereafter, E&Y came up with a respite for affected investors, by stating that the company can rescue through the insolvency path, only if the streamlining process swings into the purview of Bankruptcy and Insolvency Act (BIA), which eventually directs it to bankruptcy, so that its assets could be disposed and sell-off the assets, leading to the exchange salvaging a proportion of their funds.

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 163 levels (which is highly bullish), USD is at -9 (neutral), while articulating (at 07:16 GMT). 

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