The Financial Post reports in its Wednesday edition that embattled cryptocurrency exchange QuadrigaCX has received another reprieve from its creditors, as the search for nearly $200-million in missing virtual currency continues following the sudden death of the company's co-founder.
A Canadian Press dispatch to the Post says that Nova Scotia Supreme Court Justice Michael Wood on Tuesday granted the insolvent company a 45-day extension for a stay of proceedings.
"I'm satisfied that it's appropriate to extend the stay," Judge Wood told the court. "There's value in continuing it and the company -- the applicants -- are continuing to work in good faith."
One of Canada's largest cryptocurrency trading platforms, QuadrigaCX and its affiliates, were granted creditor protection in Nova Scotia last month after the company's chief executive officer and sole director, 30-year-old Gerald Cotten of Fall River, N.S., died suddenly in December while travelling in India.
According to court documents, he was the only person who had the encrypted pass codes needed to access $190-million in missing bitcoins and other cryptocurrency locked in QuadrigaCX's off-line digital wallets.
Another $70-million in cash is owed to Quadriga users.
© 2020 Canjex Publishing Ltd. All rights reserved.