QuadrigaCX CEO's widow asks court to appoint chief restructuring office
QuadrigaCX CEO's widow asks court to appoint chief restructuring office
Mystery Deepens in Collapse of Exchange That Left £145m of Crypto Missing
08 March, 2019, 21:55
Robertson has been in charge of managing the company's remaining assets and recovering any lost crypto since Cotten's death.
QuadrigaCX's directors posted a notice on the firm's website on January 31 that it was asking the Nova Scotia court for creditor protection while they address "significant financial issues" affecting their ability to serve customers.
It also noted 14 suspicious user accounts had been created on the Quadriga trading platform outside of the normal process for creating client accounts. However, court-appointed auditor Ernst & Young was able to crack Cotten's laptop. "Could be accounts were created under different names so might take some real digging to find".
They identified six cold storage wallets belonging to the exchange, and presumably they are the same that Cotten held keys to.
According to court documents, he was the only person who had the encrypted pass codes needed to access $190 million in missing Bitcoins and other cryptocurrency locked in QuadrigaCX's offline digital wallets.
More precisely, the author of the report reportedly "believes that there is a very strong possibility" that almost 650,000 ETH belonging to QuadrigaCX were stored on the Kraken, Bitfinex and Poloniex crypto exchanges during QuadrigaCX's operations.
E&Y is now trying to gather information about the trading done via these other accounts to see if it can trace how much crypto-cash passed through them.
The best hope creditors have now is that an Amazon Web Service account, privately held by Cotten, might have some details as to where the money went.
Payment processors were also the subject of several orders since none have turned over any of the funds to the exchange or EY.
According to a Coindesk report, Judge Michael Wood of the Nova Scotia Supreme Court was satisfied with the previous extension granted to QuadrigaCX a month ago and extended it for 45 more days.
Meanwhile, a lawyer representing QuadrigaCXasked the Halifax court to appoint a chief restructuring officer to represent the company and potentially oversee a future sales process.
Additionally, Robertson has now asked the court to pay her compensation for the legal costs incurred during the legal proceedings by E&Y.
But Robertson is also being criticized for seeking almost $225,000 from the embattled company, for what Ernst & Young calls repayment for "interim funding".
Mr Cotten, who died in India in December 2018, had sole responsibility of handling the funds and coins passing through the site.
"We are concerned about the repayment by the applicants of $300,000 to Ms. Robertson in the first week of March contemplated by the filed cash flow projection", MacDonald said in a letter to the judge. There was also the chance of there being a conflict of interest given that Robertson was the executor of her late husband's estate.
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