As per a recent tweet by the Canadian Broadcasting Corporation reporter, Jack Julian, the Canadian judge has postponed the decision with respect to the legal representation for customers of the leading cryptocurrency exchange QuadrigaCX.
Jack tweeted “Wood is not going to make a decision on rep council, on the makeup of the users’ committee or the process of choosing either.”
The Nova Scotia Supreme Court saw more than “a dozen” lawyers coming together on the Halifax courtroom who represented 115,000 cryptocurrency traders owed about CA $260 million ($195 million) by Quadriga after the sudden death of the exchange’s founder, Gerald Cotten. The customers are claiming over CA $70 million ($52 million) in cash and CA $190 million ($142 million) in Bitcoin (BTC) and other cryptocurrencies.
Justice Michael Wood stated that he would provide a formal conclusion on the related case in a week’s time. In the time being, Ernst & Young, who had been appointed by the court to analyze and observe the current scenario, revealed that the exchange presently owes around CA $100,000 ($75,000) to the lawyers, however, Quadriga claims that “as of today, we don’t have anything.”
Maurice Chiasson, a lawyer representing Quadriga, said that Jennifer Robertson, Cotten’s wife, “has put in CA$250,000 of the CA$300,000 she’s promised to fund this process so far. But that money will run out in the next two weeks if not sooner.”
In a tweet, Jack stated “Chiasson: Jennifer Robertson has put in 250-thousand of the 300-thousand she’s promised to fund this process so far. But that money will run out in the next 2 weeks if not sooner.”
On the reports submitted by the legal teams, Wood further added that he is “not sure if you’ve made my life any easier.” Ernst & Young stated that the first nine days of the process has been “hectic,” and also pressed on the need to calm down the current investigations into Quadriga’s operations.
Jack’s Tweet read “Monitor says the first nine days of this process has been “hectic.” Included “stabilizing” existing investigations into Quadriga’s operations.”
Recently, the one of the ‘Big Four’ audit firm, Ernst & Young’s report known as “First Report of the Monitor,” revealed that, “On February 6, 2019, Quadriga inadvertently transferred 103 Bitcoins valued at approximately $468,675 to Quadriga cold wallets which the Company is currently unable to access. The Monitor is working with Management to retrieve this cryptocurrency from the various cold wallets, if possible.”
During the process of the audit, Ernst & Young obtained various electronic devices belonging to Quadriga that was supposedly being used by Cotton, which included four laptops, four cell phones, and three fully encrypted USB keys. Such devices are apparently stored in a safety deposit box by Ernst & Young.
