QuadrigaCX Gains 45-Day Extension from Court

The exchange will appoint a CRO to run its operations.

A Canadian court has granted QuadrigaCX 45 more days to search and put together all missing digital assets.

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.

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The next hearing for the troubled exchange is scheduled for April 18.

The move was appreciated by the Canadian exchange and its associates as, according to Elizabeth Pillon of the law firm Stikeman Elliott, the exchange is currently in “data recovery, asset recovery” phase and need some “breathing room” to continue its efforts.

Stikeman Elliott is representing Ernst & Young, the court-appointed monitor of the crypto exchange.

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Moreover, given the lack of experience of the widow of the deceased founder of QuadrigaCX to run a cryptocurrency exchange, the court has approved the appointment of chief restructuring officer (CRO), who will be responsible to manage the operation of the exchange and will also cooperate with the audit firm to recover the missing funds.

Peter Wedlake, a senior vice president at Grant Thornton, will take the position of CRO and, to keep burden away from the already worried creditors, he will be billed by the hour.

In addition, over the concern of the duplicity of work by the newly appointed CRO, the court has ordered EY to direct Wedlake specifying his responsibilities.

Moreover, the court also ordered Amazon Web Services (AWS) to turn all QuadrigaCX related data kept in an account by the exchange’s deceased founder and CEO Gerald Cotten. Though AWS was not opposed to hand over the data, it could not do so without a court order as Cotten’s account was a private one instead of a business account.

Recently, Jenifer Robertson, Cotten’s widow, sought $225,000 in compensation for legal costs from creditors. The court, however, deferred any order on the repayment.

EY in Control of Funds

Last month, the exchange turned its crypto holdings to EY, obeying a previous court order. Though around $190 million if digital assets are still missing, the exchange transferred 51.1 Bitcoin, 33.3 Bitcoin Cash, 2,032.7 Bitcoin Gold, 822.3 Litecoin, and 951.5 Ether to the consulting firm.

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