Although Canada is known for maple syrup, snow capped mountains, extensive forests and, above all, for its cool people, the local industry of encryption and bitcoin has not been so cold lately.
Canada's main Bitcoin platform in hot water
QuadrigaCX, Canada's long-time scandal-prone stock market, suddenly picked up the dust on Monday when the company's landing page was replaced by a distressing and seemingly innocuous "status update." In Vancouver, it was reported that the exchange was "undergoing maintenance", noting that it would keep its customers up to date as "we know best."
While sudden maintenance is a possibility, especially in a technologically emerging industry such as cryptography, Quadriga's history in this industry has some traders running into the hills. In the platform's official subreddit, users quickly questioned the underlying motives of the exchange. One user joked that by depositing money and funds at Quadriga, he was effectively throwing all his money "in the roulette", asking if the dealer would spin black or red.
Others have taken this disaster with a little more cynicism, with a handful noting that they would contact the local police and / or RCMP along with legal representation of the company and related entities. Some even had time to remind customers of Canada's local suicide prevention line, accentuating the growing feeling that "upkeep" was just a cover-up for "exit fraud." And while viewers claim that such action is too fast, too early, they have reason to doubt Quadriga's legitimacy and intentions.
More specifically, in a statement released by Jennifer Robertson, the wife of exchange chief Gerald Cotten, it was revealed that Cotten reportedly died in India. Although death has touched all mankind, which means that Cotten's disappearance is not an impossibility, many quickly asked for evidence, and what would happen to the next exchange.
The statement allegedly claimed that a shareholders' meeting would be held … only a few days ago. But since that date, Friday, no minutes / transcript has been released, nor news of the direction that Quadriga would be taking. This sinister moment of the founder's death, an announcement of the death, a supposed meeting of shareholders and the sudden maintenance session led many to believe that things are not as they seem.
QuadrigaCX Financial Qualities
All this comes after Quadriga has been struggling with financial doubts for months, almost a year. After struggling with deposits for months on end, Quadriga said it had more than $ 28 million frozen in Canadian banks in November. According to a report by The Globe and Mail, one of the major markets in North America, CIBC froze five accounts linked to Costodian Inc., Quadriga's payment processor, owner Jose Reyes and 388 Bitcoin. friendly customers.
While other reports on the subject claim that the amount was handed over to the Ontario Superior Court, which will see a judge determine what to do with the funds, many struggling investors still turn to Twitter, Reddit and other media. -but they have not yet received their withdrawals from Bitcoin.
Title Image Courtesy of shayd johnson on Unsplash