Court Appoints Legal Counsel for Customers in Case Against QuadrigaCX Cryptocurrency Exchange

The Supreme Court of Nova Scotia appointed Miller Thomson and Cox & Palmer, a Canadian law firm to be the legal counsel of customers in the QuadrigaCX case. The court’s filing on February 19 states that the exchange is owing 115,000 customers approximately $250,000,000. As such, a legal counsel has been ordered to represent these people.

115,000 Customers of QuadrigaCX Crypto Exchange Represented

The Honourable Justice Michael J. Wood of the Supreme Court of Nova Scotia has appointed Miller Thomson and Cox & Palmer to represent all customers that were affected by the Canadian’s exchange recent event. The document noted that the exchange had first been granted an initial order and stay on February 5 on the account that the CEO, Gerald Cotten had died and they needed time.
However, motions have been sent in by and on behalf of customers of the platform who are seeking for an appointment of a legal representative for the customers. The motion also calls for an appointment of a committee of creditors to represent these users. Therefore, the law firm was appointed, and the document outlines that the court has the authority to do so when it comes to a case involving a large group of people.
According to Honorable Justice Michael J. Wood;

The objective of my order is to help those who are otherwise unrepresented but
to do so in an efficient and cost effective manner and without imposing an undue
burden on insolvent entities struggling to restructure.

Most Important Role of the Legal Representative to Clients

Based on the document, a lot of information is being disseminated on social media and online forums about the QuadrigaCX’s case, but these are merely speculations. Therefore, the most important role of the representative counsel is to give customers accurate information about the proceedings in court.
Furthermore, the counsel is not to carry out its investigation since an investigator has already been appointed by the court to look into the exchange’s case. The counsel is to ensure that the legitimate interests of all customers are taken into consideration during the proceedings.

Users With Technical Expertise Seek to Assist The Monitor

In the same vein, the number of affected users ranges from those owed $100 to millions. However, some users require privacy and may not want to be publicly named. Nonetheless, some customers have technical expertise and have shown interest in assisting the Monitor, a company investigating QuadrigaCX’s case.
The exchange in question has made headlines on late. BTCNN on February 9 reported that QuadrigaCX had moved almost $1 million worth of Eth before the CEO’s death on December 9. A report from February 13 revealed that the exchange also moved $468,675 CAD to its cold wallet.

Related posts
BitcoinBTC Trading ViewNewsNews 1SocialTrading View

100k Bitcoin options set to expire: here's what to expect from the market

Bitcoin’s price is currently $54000 based on data from; as Bitcoin rallies towards its previous ATH of $58330, the price recovered over 8% in less than 24 hours and this is a bullishThe post 100k Bitcoin options set to…
Binance Smart ChainEthereumEthereum NewsETHUSDethusdtNewsTron NewsTRXUSD

On-chain data reveals Ethereum still far ahead of rival networks

Ethereum has been rumored to be lagging behind in user activities. The reason being that new tots on the block have snatched a decent number of the network’s users in the past months. While the newbies have been welcoming new…

“It’s Not a Great Climate Thing”- Bill Gates Over Bitcoin’s Carbon Footprint

Billionaire philanthropist Bill Gates in a recent interview to New York times said that Bitcoin is not good for Climate citing per transaction energy used by Bitcoin is more than any other method.  Bitcoin Uses More Energy Than Any other…