The popular QuadrigaCX crypto exchange that found its way to our blockchain news headlines officially declared bankruptcy.
The exchange filed for bankruptcy after the failed attempt to recover and restructure the company. The decision was approved by a Nova Scotia judge according to reports.
After the news that the CEO of the exchange died in India from Crohn’s Disease complications, the exchange went offline by the end of January. The company stated they were looking for protection from creditors during going bankrupt.
All of the company’s associates and related companies were granted protection in February. However, no assets could be located and without the CEO’s key to cold wallets, recovering the lost funds turned out to be impossible.
On April 8th, it came to an end of the legal procedures and it presents some hope that the court-appointed auditor will have some more time in the future to locate whatever is left from the funds.
After the exchange went offline, more than $260 million of crypto and cash combined got lost. Among that, more than $190 million worth of crypto assets including Ether and Bitcoin were left inside the platform’s cold storage wallets to which the only one that has access was the exchange CEO.
More than 112,000 users lost their investments and funds. The new court order states that Ernst and Young now have control over the real estate of the CEO along with Gerald Cotten’s wife Jennifer Robertson’s asset. Robertson will be able to use the funds under the close supervision of the company.
Having the authority, Ernst and Young demand all of the documents and witnesses testimonies, users can more likely gain access to their lost funds rather than before. However, many believe that the exchange does not even have cold wallets. For example, Taylor Monahan, the CEO of MyCrypto stated that QuadrigaCX is unlikely to have cold wallets let alone crypto assets in the wallets.
Others pointed out that there are a number of important elements that remain suspicious still. QuadrigaCX CEO legally changed his will only two weeks before he died. The founder of the exchange Michael Patryn turned out later that he had changed his identity from Omar Dhanani who was a convicted felon.
NFL Players Demand To Get Paid In Bitcoin
“How dope would it be to see an ESPN headline with an athlete being paid in $BTC?”The crypto community answered right away and told Okung all the information and tools that he needs to continue on the crypto journey together. The player was happy to answer the community and even asked:
“How could something so wrong make me feel so right? I’m part of the revolution. Long $BTC, short the bankers.’’In the meantime, Anthony Pompliano also posted that the NFL Quarterback Matt Barkley was among the NFL players that also wanted to get paid in bitcoin but he didn’t succeed to get his dream come true. Again, the crypto community on Twitter praised him and offered him advice on how to fight for what he really wants. Trezor, the popular crypto wallet producer even offered to get him and his team-mates free hardware wallets to which Barkley replied he was ‘’all about @Ledger.’’ The most surprising thing was that he replied to the suggestion that he already has some ‘’skin in the game’’ and that he started mining bitcoin some time ago. Okung on the other hand, as reported in the latest cryptocurrency news tweeted that many of the NFL players are asking him about bitcoin. however, the thing goes past the dream of the player to get his paycheck in Bitcoin. He is the vice president of the NFL Players Association which ‘’assures proper recognition and representation of players’ interests.’’ It is expected from him as a person with a say in the organization to fight for the players who want to get paid in Bitcoin. With services like Bitwage available, the dream could become a reality for those who want another option in their career.
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‘’Crypto has certainly added to our growth. In the next couple of years I think you’ll see Robinhood looking like a full-service consumer finance company.’’
Blockchain For Timepieces: World’s Oldest Watch Manufacturer Gets Involved
“Blockchain certification serves to avoid paper authentication, which can easily be forged,” the company said in a press release.As the latest cryptocurrency news show, Vacheron Constantin will use blockchain tech to integrate additional information in the certificate - as well as a complete history of the product and manufacturer. The blockchain for timepieces initiative will apparently help and fight counterfeiters while guaranteeing authenticity of the watches as well as protecting the customers from purchasing fake ones.
“[Blockchain] makes it possible to create a forgery-proof digital certificate of authenticity, which follows the watch throughout its life, even if that involves several changes of owner. A unique number is thus assigned to a unique object, making the two inseparable and securing data relating to the property, value, nature and authenticity of the timepiece," the company said in an official statement.Vacheron Constantin is however not the first big manufacturer interested in blockchain for as a technology and featured in the coming altcoin news. Earlier this year, the major global fiber producer Lenzing announced that it will implement blockchain and bring more transparency to its fiber supply chain, launching a traceabilit platform in 2020 as the company reports showed.
"Founded in 1755, Vacheron Constantin will begin using Blockchain immediately with timepieces in its Les Collectionneurs program. Now each of the vintage watches, which have been patiently tracked down by the maison’s heritage specialists and restored to perfect working order before being sold at special events at their boutiques, will be sold with a paper certificate of authenticity along with an incorruptible digital certificate," the news concluded
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