Less than three months after one of Canada's biggest cryptocurrency exchanges was shut down amid a swirl of controversy, a bid to restructure Vancouver-based QuadrigaCX has failed and the virtual company has officially entered bankruptcy proceedings.
The federal government is stepping in to regulate a company's controversial plan to use water from one of Nova Scotia's major rivers to create huge underground caverns to store natural gas, but a Mi'kmaq leader says Ottawa's move doesn't go far enough.
The widow of QuadrigaCX CEO Gerald Cotten says a chief restructuring officer should be appointed to oversee what remains of the insolvent cryptocurrency trading platform, saying her role as director has drawn "unwanted" online commentary suggesting she is trying to hide assets.
The wary skepticism that Canada's big banks have for the cryptocurrency industry was on full display on Friday, February 22, 2019, when a Nova Scotia judge issued an order for the eventual disbursement of more than $30 million that belonged to the insolvent QuadrigaCX trading platform.
The court-appointed monitor overseeing the search for the $260 million owed to clients of the faltering QuadrigaCX cryptocurrency exchange says it recently found more than $900,000 in digital assets — only to see more than half of those crypto-coins escape its grasp.