Late Quadrigacx CEO Used Personal Funds to Fulfill Withdrawals

March 14, 2019
24 Views

Jennifer Robertson, the widow of late Quadrigacx chief executive officer Gerry Cotten, has revealed that customer withdrawals were processed using personal funds in a statement published yesterday. The document also indicates that law firm Stewart McKelvey has withdrawn from representing Quadrigacx during the Companies’ Creditors Arrangement Act process due to “potential” conflicts of interest.

Also Read: Markets Update: BTC Longs Hit New Low for 2019, ETH Longs Test ATH

Quadrigacx Withdrawals Processed Using Personal Funds During 2018

The widow of Quadrigacx’s late CEO published a statement on March 13 that provides an update on the legal proceedings surrounding the exchange.

The statement reveals that Gerry Cotten was using personal funds to fulfill customer withdrawals during 2018 while the exchange’s funds held with the Canadian Imperial Bank of Commerce continued to be frozen.

“While I had no direct knowledge of how Gerry operated the business, he told me that he had been putting his own money back into QCX to fund user withdrawals in 2018 while the CIBC money remained frozen,” she said, adding “I believe Gerry had the best interests of the business in mind, and cared for his customers.”

Robertson states that following Gerry Cotten’s death, she arranged for the Companies’ Creditors Arrangement Act (CCAA) process to begin by “providing the initial funding and agreeing to act as a director of [Quadrigacx].”

Stewart McKelvey Withdraws From Representing Quadrigacx During CCAA Process

The document also states that Roberston has been advised by Stewart McKelvey that the law firm has withdrawn from representing Quadrigacx during the CCAA process “in light of concerns regarding a potential conflict of interest.”

Robertson closes the document by stating her intention to “continue to support the process and to ensure a fair and equitable resolution is obtained.”

Are you surprised by the revelation that Quadrigacx’s late CEO used personal funds to fulfill withdrawals during 2019? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Late Quadrigacx CEO Used Personal Funds to Fulfill Withdrawals appeared first on Bitcoin News.

https://news.bitcoin.com/quadrigacx-ceo-personal-funds-withdrawals/

You may be interested

eToro Acquires Smart Contract Infrastructure Provider Firmo
Blockchain
55 views
Blockchain
55 views

eToro Acquires Smart Contract Infrastructure Provider Firmo

btcethereumadmin - March 25, 2019

Image via eToro, Facebook Social trading and multi-asset brokerage company eToro has acquired Firmo, a smart contract infrastructure provider, for…

A Bitcoin Lightning Web Standard, Inspired By Ethereum, Is Gaining Steam
Bitcoin
61 views
Bitcoin
61 views

A Bitcoin Lightning Web Standard, Inspired By Ethereum, Is Gaining Steam

btcethereumadmin - March 25, 2019

Sending bitcoin lightning payments over the web might soon get easier. That’s because a new bitcoin standard for simplifying lightning…

Bitcoin’s Trading Range Narrows In March to Hit Two-Year Low
Bitcoin
61 views
Bitcoin
61 views

Bitcoin’s Trading Range Narrows In March to Hit Two-Year Low

btcethereumadmin - March 25, 2019

Bitcoin’s average daily trading range so far in March is its lowest in nearly two years when, at the time,…

Leave a Comment

Your email address will not be published.