Did the QuadrigaCX exchange pull the plug?
The Canadian cryptocurrency exchange has suddenly shut down “for maintenance”
The Canada-based cryptocurrency exchange QuadrigaCX has had a rough couple of months. Last October, its banking partner, the Canadian Imperial Bank of Commerce, suddenly froze and seized all of its assets, citing questions regarding the rightful owners of the funds. In total, $19.6 million was taken, leaving the exchange and its customers dealing with a major headache. The exchange took the bank to court only to have the courts side with the bank. Eventually, QuadrigaCX was given permission to recover most of the funds, but the troubles only continued from there. In the latest sign of trouble for the company, visits to its website only provide a message that the site is down for maintenance.
The message on the site reads, “Our site is down for maintenance. We apologize for the inconvenience this may cause. We appreciate your patience, and will keep you updated as we know more. Thank you.”
When the exchange was finally able to start operating again in December, it first had to work through a backlog of withdrawal orders that had accumulated since the banking drama begin. It was not able to move quickly enough and the orders continued to pile up. Compounding the issue, the founder of the company, Gerry Cotten, reportedly succumbed to complications from Crohn’s disease while the dispute was still being addressed by the courts, and some fear that he may have had sole possession of wallet addresses that could facilitate the reimbursements owed QuadrigaCX’s customers.
The website message has been up for two days and there have been no further announcements from the company. Most users are now fearing the worst, expecting to be permanently out of their investments.