The Nova Scotia Supreme Court trial has heard QuadrigaCX lenders supplications for repayment of assets following the untimely passing of its founder, yet the coffers are allegedly unfilled. QuadrigaCX’s setback started when the founder and Chief Executive Officer Gerald Cotten passed away at the beginning of December 2018. However, the trading company held up until early January to report his passing.
Assets secured cold stockpiling added up to twenty-six thousand four hundred and eighty-eight (26,488) Bitcoins, eleven thousand three hundred and seventy-eight (11,378) Bitcoin Cash. Whereas, eleven thousand one hundred and forty nine (11,149) Bitcoin Cash SV, thirty five thousand two hundred and thirty (35,230) Bitcoin Gold; one hundred ninety nine thousand, eight hundred and eighty eight (199,888) Litecoins; and four hundred twenty nine thousand, nine hundred and twenty two (429,922) Ether at the season of Cotten’s demise.
Halifax court was informed that the seventy million dollars ($70m) in real money and one hundred and ninety million dollars ($190m) in Bitcoins and other advanced resources couldn’t be reimbursed to the one hundred and fifteen thousand (115,000) cryptographic money brokers they owe to, at this phase, as there were no accessible support to the money.
Accordingly, one hundred and ninety million dollars ($190m) in gone cryptographic money is locked away in offline wallets, but since Cotten was the main individual with access to the passwords, therefore the assets are difficult to reach. With the recommendation that the creditor legal counselors’ charges should be topped at one hundred thousand dollars ($100,000) that is overdue by QuadrigaCX.
Three groups of attorneys from independent law offices situated in Toronto and Nova Scotia have been chosen to speak to the leasers. Bennett Jones and McInnes Cooper have officially joined one hundred and eight one (181) clients who are in debt of about twenty-two million dollars ($22m).
In the meantime, Hoskin, Osler, and Harcourt and Patterson Law representing one hundred and thirty-four (134) influenced clients owed about ninety million dollars ($90m). They told the judge that one of the legal advisors was, fortunately, a cryptographic expert.