QuadrigaCX Crypto Exchange Users Money is Still Stuck

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Over a month ago, Canada’s major cryptocurrency exchange named QuadrigaCX won a dispute against the court. However, even after over a month the users of the crypto exchange are not able to take their money out.

While this was not enough, this week the company announced that its founder and CEO Gerald Cotten diet a month ago. This news spread even more worries among the users.

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The exchange shared a statement with Cotten’s wife, in which it was said that Gerald died on December 9 due to complications of Crohn’s disease when he was traveling in India. The same statement, the company has stated that it was working through a backlog of requests raised for money withdrawal by its users and had decided daily withdrawal limits regarding the same.

A day after, the company shared an email with its customers stating that the withdrawals are being processed slowly and that the concerned team is actively working on distributing the funds.

The email continued saying that the company does not have a specific update regarding the present situation, but the aim is to solve the issue within two weeks. The email had a sign of Aaron Matthews who is an interim CEO of the exchange.

One of the users of QuadrigaCX user told that he had filed many tickets in the past few weeks and had received the same reply each time, saying, the withdrawal could take two weeks. He continued saying that, the employees of the exchange are active everywhere, be it Reddit, Facebook or Twitter; and they are answering light questions of the users, however, avoiding the serious ones.

Everything related to the exchange, at present, is looking suspicious. Death of its CEO without any proof of the cause, no employee is present on LinkedIn, no geographical address, limitation on the withdrawal, etc.

However, QuadrigaCX has blamed the delay in the withdrawal backlog processing on its now- resolved court dispute with CIBC. Due to the dispute, the exchange’s funds were frozen as the court had control over them. The court dispute was worth $19 million, which was frozen with the court.

Later on, Judge Glenn Hainey gave back the majority of funds, but, the funds went into the custody of the Bank of Montreal, as per the statement of the company.

Many users of QuadrigaCX exchange are complaining about halted withdrawals on social media platforms.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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