Bitcoin Exchange QuadrigaCX May be Sold to Compensate Victims
Bitcoin exchange QuadrigaCX last month announced that CEO Gerald Cotten had suddenly died and roughly $150 million in cryptocurrency ($180 million Canadian) was inaccessible as a result. According to a CBC report today, the Bitcoin exchange may be sold to compensate victims. Also, Cotten’s encrypted laptop will be handed over to lawyers for the exchange’s creditors and “eventually given to a court-appointed monitor.”
So far, the company filed for protections under a Depression-era law that prevents complete destruction of insolvent businesses in Canada. They are considering selling the exchange’s IP assets in an effort to satisfy debts.
There may not be any cryptocurrency to recover. It seems likely that the best efforts at cracking the laptop will be employed in an effort to recover the funds. But, like some analysts have suggested: there may be no cryptocurrency to recover.
“Some of the main addresses of QuadrigaCX also reportedly sent outgoing transactions after the death of its CEO Gerald Cotten, which should not be possible if the CEO had full control over all of the firm’s wallets.”
Suspicions about the foundation of QuadrigaCX have made rumors of an exit scam to be suspected following this development.