QuadrigaCX exchange, the first exchange to be licensed in Canada, has recently announced the sudden death of its CEO and founder, Gerald Cotten. The exchange is currently inaccessible for maintenance since January 28.
Shortly after the announcement, some of the users demanded the proof of his death, nonetheless, other users argued the theory that the exchange will not be able to access funds in the cold storage, as the keys were only known to Cotten.
The majority of their users have reportedly had no access to their funds for months. Some users saying on a Reddit that they were trying to figure out as to whether the exchange had gone bankrupt.
Accordingly, the exchange was in a dispute of $19.6 million sums with the CIBC. It claimed to experience difficulties accessing $21.6 million of its funds when the CIBC froze five accounts belonging to one of the exchange’s owners, and its payment processor, Costodian Inc.