No More Quadriga?

The chief executive officer of QuadrigaCX recently died in India over complications that were relating to his Crohns disease, according to recent news reports.

Now, users have found themselves unable to access their funds and the company is facing mounting legal and financial troubles.

It's been reported that they now owe more than $190 million. And when their founder recently died suddenly in India, he had passed away with the sole control to the cold wallets for the company, and it's reported that no backup for those passwords had been made. No other team members were reportedly able to access those funds.

So far, they've reportedly had very limited success in attempting to recover some of the coins. They've recently appointed Ernst & Young to act as an independent third party that is going to oversee the operations for time being and they are still engaged in ongoing efforts to recover business records.

Some Twitter users have started to comb through the data and questions have been raised about some seemingly questionable transactions. And rumors have also started to circulate that possibly he might have faked his death, along with rumors of fraud as well.

By the end of Jan of 2019 it was estimated that the company had at least 115k users who had a positive balance on their account with the Canadian exchange. Now, Quadriga reportedly wont be able to pay back most of the funds that their users were holding with them and they've already filed for creditor protection.

The team allegedly has the laptop in their possession now that had belonged to the CEO but they've admitted that their technical expert has been unable to bypass the encryption.

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