A well-established professional services company, Ernst & Young have shared their predictions that a Canadian cryptocurrency exchange may announce bankruptcy soon. Once country’s largest cryptocurrency exchange, QuadrigaCX is currently undergoing the rehabilitation diagnoses from its court-designated independent auditor, Ernst & Young after demise of its CEO.
QuadrigaCX, a cryptocurrency exchange officially shut down its operations on January 26th following the sudden death of the exchange’s other founder, Gerald Cotten who was the sole possessor of the private keys to the exchange’s cold storage wallets. But new clues suggest that the large traded positions on BitMEX may belong to Michael Patryn.
The Canadian court has given another 45 days of protection to QuadrigaCX against consumer lawsuits. About 800 users have intentions of hiring legal representation to seek some form of a refund. The protection was extended after it claimed the launch of a class action now would be a legal disaster for the exchange. Meanwhile, no conclusive evidence of cold storage has been unearthed so far.