Crypto exchange QuadrigaCX files for creditor protection

QuadrigaCX has filed an application for creditor protection in the Nova Scotia Supreme Court, the Canadian cryptocurrency exchange announced today. This announcement comes after months of customer complaints about withdrawal problems and the sudden shutdown of its platform on Tuesday.

According to QuadrigaCX, for the past few weeks, it has "worked extensively" to address its liquidity issue, including attempting to locate and secure "very significant cryptocurrency reserves held in cold wallets." These efforts have unfortunately been unsuccessful and now QuadrigaCX will address its "significant financial issues" to the Nova Scotia Supreme Court.

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Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi

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