Cryptocurrencies
Quadriga Should Shift to Bankruptcy Proceedings, Monitor Says
- Bankruptcy would permit sale of crypto exchange’s platform
- Founder Cotten’s widow cooperating with proposed asset freeze
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Defunct cryptocurrency exchange owner Quadriga Fintech Solutions Corp. should be shifted out of restructuring into bankruptcy proceedings to help cut costs and facilitate the recovery of assets for creditors, the company’s court-appointed monitor said.
The Vancouver-based exchange owes about 115,000 clients some C$260 million ($195 million) after its founder Gerald Cotten died in December without telling anyone how to recover the cryptocurrencies held for clients.