EY, the Big Four accounting firm appointed to work on the QuadrigaCX crypto exchange bankruptcy case, wants to move the proceedings from Halifax to Toronto.
Local news outlet The Star reports on Aug. 28 that EY has asked a Nova Scotia Supreme Court judge to move the case to Toronto.
Bankruptcy proceedings began earlier this year when the exchange's founder Gerry Cotten passed away unexpectedly.
Cotten was the sole individual in possession of the keys to unlock the exchange's cold wallets containing some $145 million in user assets.
The financial crime divisions of both the Federal Bureau of Investigation and the Royal Canadian Mounted Police have confirmed ongoing QuadrigaCX investigations.
The exchange's creditors reportedly approved the request for a change of jurisdiction.
EY says that moving the case to Toronto would decrease its cost, since most of the professionals involved are now in Ontario, where multiple court appearances are anticipated.
Earlier this month, QuadrigaCX users requested information from EY concerning the loss of over 100 bitcoins during the funds' recovery.
In February, EY announced, "Quadriga inadvertently transferred 103 Bitcoins valued at approximately $468,675 to Quadriga cold wallets, which the Company is currently unable to access."
In June, EY released a report claiming that Cotten was allegedly transferring user funds off the exchange and using them for his own margin trading on other platforms.
EY Requests to Move QuadrigaCX Crypto Exchange Bankruptcy Case
gepubliceerd op Aug 28, 2019
by Cointele | gepubliceerd op Coinage
Coinage
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.