Quadriga, a Canadian cryptocurrency exchange is in the news again. This time, it has to do with Jennifer Robertson, widow of the exchange’s CEO, Gerald Cotten. Robertson on February 25 submitted an affidavit in the Supreme court of Novia Scotia requesting for an extension of the “stay of proceedings”. She also stated that the online allegations that assets are being hidden by her are false.
QuadrigaCX Battles Case in Court Over Inability to Locate Funds
If you’ve been following the news up to this point, then you’re aware that QuadrigaCX is battling a case in court over their inability to repay its customers the C$190 million that is owed. According to them, the death of Gerald Cotten led to the loss of access to the cold store wallets where these funds are stored.
However, the exchange on February 5 was granted a stay of proceedings by the court in order to prevent clients from filing lawsuits against them. During this period, the Monitor, Ernst & Young, was mandated by the court to look into the dealings of the exchange in a bid to ascertain if the claims are true and how the funds can be recovered.
Jennifer Robertson Requests for an Extension of Stay of Proceedings
Jennifer Robertson, on the other hand, has filed an affidavit in court requesting for the timeframe given for the stay of proceedings to be extended. According to her, if the extension is not granted, then the exchange will be unable to carry out its investigations to locate and access the missing funds. Likewise, discussions targeted at the potential sale of Quadriga will end.
She also said:
Proceedings will be carried out against the companies which would be prejudicial to the companies and stakeholders
In the same manner, Robertson has requested that she steps down as one of the directors of the exchange. She attributed this to her insignificant experience when it comes to cryptocurrencies and insolvent business. The widow also pointed out that the online claims that she is hiding the exchange’s assets and is not working in the best interest of the company are false.
Late CEO’s Wife Appoints Chief Restructuring Officer
Therefore, the late CEO’s wife has appointed Peter Wedlake, a financial advisor as the Chief Restructuring Officer (CRO). Wedlake will oversee and manage the business affairs of Quadriga during the proceedings in court. Robertson is of the opinion, that appointing the CRO is in the best interest of the companies, stakeholders, as well as users of the platform.
On February 20, BTCNN informed of Coinbase’s CEO findings regarding the Canadian exchange. According to Brian Armstrong, Quadriga was not planning an exit scam given that they have been operation since 2013. If that was the case, then they would have thought of a better way to do it.