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It’s Official: QuadrigaCX Crypto Exchange Declares Bankruptcy

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FO6E3842CAC44 - It’s Official: QuadrigaCX Crypto Exchange Declares Bankruptcy

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.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Stefan is a full-time member and has been a Bitcoin Specialist for over 6 years. Providing daily news and updates for DC Forecasts.

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Blockchain News

Crypto Dad Urges The US Dollar To Transition To Blockchain Technology

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Crypto Dad, or Christopher Giancarlo, the ex-chairman of the US commodity futures trading commission, urged to the powers to transition the US dollar onto the blockchain technology and we are about to learn more about it in the latest blockchain news below.In the new op-ed penned this week, the Crypto Dad and his ex-colleague Daniel Gorfino who was a director at the LabCFTC initiative explained to the masses that the dollar’s global dominance is under threat and that shifting USD onto the blockchain could help the currency continue its reigning position. The Federal Reserve which is the central banking system of America will still remain a key player around the new digital dollar as both of the authors argued:
 “We propose a digital dollar—a government-sanctioned blockchain protocol, created and maintained by an independent nongovernmental group but administered by banks and other trusted payment organizations. Cash brought into the system would be exchanged for digital U.S. dollars on a blockchain, with the cash lodged in special escrow accounts maintained by the Federal Reserve.”
More specifically, the ex U.S. officials noted that pivoting the dollar to the blockchain technology will ensure that the ‘’greenback’’ isn’t killed by the digital punch and the superpowers who are aiming to the same. For example, China’s own digital yuan plans have been accelerating as of now and Giancarlo noted about it:
 “Most important, compared with a private or foreign digital currency, this system would extend the central role of the U.S. dollar in global finance and allow it to compete confidently in the new digital era. The first major digital-currency initiative to draw American users would be fully and unequivocally backed by the greenback.”
It is not the only high profile USD tokenization rumor that has been in the crypto news lately either. At the start of the month, the two US legislators wrote to the Federal Reserve Chairman Jerome Powell to answer a series of questions that were related to the FED and whether they have plans to shift the dollar into a cryptocurrency. The Crypto Dad has become a favorite among the crypto community because of this overseeing of the CFTC when the agency gave a green light to the first fully regulated bitcoin futures product on December 2017. He joined the advisory board of the Chamber of Digital Commerce and advocacy group that was focused on the benefits surrounding the blockchain technology.
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Blockchain News

Samsung SDS Pilots New Blockchain Medical Insurance Network

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Samsung SDS, known as an IT solution developer which is partially owned by the South Korean tech conglomerate, is expecting to roll out a blockchain based claims processing system this month, the latest crypto news show.According to a report shared on CoinDesk Korea, the vice president of Samsung SDS named Yoon Shim spoke at the Blockchain Seoul 2019 event and said that the firm has been piloting the system since August this year. For those of you who don’t know or don’t remember, Samsung SDS is 22.6% owned by Samsung Electronics and 17.1% owned by Samsung C&T.The blockchain news show that Yoon is confident about the medical institutions and insurers participating in the pilot to validate the effectiveness. He noted that the system will go live soon this month, based on another local news report.The network is being rolled out and aims to simplify a process which is now complex, Samsung SDS notes. The process basically involves a patient getting a receipt for services rendered and submits the documents to the insurance company, which then must verify their accuracy before the insurance claims are paid.Even though most of the Koreans are well insured and should have no out-of-pocket expenses, Samsung SDS believes that they will often not file claims because of the complicated procedure. In this manner, the “blockchain healthcare network” is seen as a major innovation which is expected to link hospitals, pharmacies, insurers and other companies in the sector.When the system is fully operational, users will receive a message on the KakaoTalk messenger after treatment. They can then press a receipt button and an insurance claim button - after which their information will be sent to the insurer.All of this proves that big things are ahead for blockchain technology. It is used for the sharing of personal medical information and as Samsung SDS stated, the network will reduce the workload at medical institutions, make the waiting times shorter (for claims processing) and reduce the cost of processing medical claims by up to 70%.In June, Samsung SDS said that it had already signed a number of major hospitals to the blockchain healthcare network, and that they are in active talks with other institutions. The names of the signed include Samsung Hospital, Severance Hospital and Korea University Medical Center.
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Crypto Supporters Boycott Wright’s Blockchain Conference Attendance

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The crypto supporters and prominent members of the community announced to be boycotting Wright’s attendance on the London Blockchain Conference by not coming to the event at all as we are about to read further in the blockchain news today.The CC forum on Blockchain, digital innovation, and AI starts in London and Craig Wright is one of the scheduled speakers and he will show up on the conference as the true inventor of the number one cryptocurrency. the crypto supporters won’t attend the conference because they refuse to give credence to his claim that he invented bitcoin. The event is moderated by Max Studennikoff and despite Wright, on the panel, you will be able to see Brock Pierce, Tone Vays, Bobby Lee and Nouriel Roubini. Wright received a lot of negative attention for having claimed that he is Satoshi Nakamoto who invented Bitcoin and what is worse, the event even credits him by asking him what was the purpose of the Bitcoin whitepaper.Also, a lot of prominent figures decided to fight against this decision and even the official page of BitMEX on Twitter posted a reminder of court rulings and fraud accusations against the self-proclaimed BTC creator. Another popular figure that will attend the event is the founder of Litecoin, Charlie Lee who said:
‘’Many of us pledged not to attend a conference that invites faktoshi. Yet you still plan to share the same stage with him. Shame.”
Tone Vays is also a popular crypto analyst and commentator and he has defined himself as the Bitcoin maximalists but being featured on a panel with Wright caused a huge backlash from the crypto community. A lot of the people criticized Vays for accepting the invitation to speak alongside Wright. He did boycott another conference back in May held in New York saying that he found the concept of a ‘’Bitcoin conference by shitcoiners hypocritical as we reported in the previous crypto news.’’ Vays claims that he didn’t know Wright was coming to the panel until the last moment but he also pledged to defend Bitcoin against scammers. He also said that he is the last Bitcoin maximalist standing and that not going to the conference will bring nothing good for the attendees.
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World’s Leading Carmakers Will Start A Pilot For Blockchain Projects

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The world’s leading carmakers will start a pilot program for blockchain-based projects which will serve for the future blockchain vehicle identification platform. As we are about to read in the blockchain news below, the new project could lead the drivers of electric vehicles to pay parking fees and maintenance fees including highway tolls much faster and more efficient without making use of cash or credit/debit cards.The pilot which will start in November in the United States will see Renault, General Motors, Honda, Ford and BMW utilizing sensor and card-free digital ID solutions via a blockchain platform. This platform will allow the parties to check on the data including the owners of the vehicles and the service history. The drivers will be able to use the huge range of services without stopping to pay for anything and will be charged for all expenditures when they plug their vehicles to fill the batteries. According to Nikkei, GM and Honda are also to join the World’s leading carmakers group that will work on the blockchain project by also working on a token reward system that will result in electric vehicle owners to be compensated in digital currency for feeding power into the public grids during an outage.As reported, the previously mentioned carmakers alongside blockchain partners from the industry launched the Mobility Open Blockchain initiative back in 2018. This initiative aims to explore the blockchain for use in a new digital mobility ecosystem that can make up for safer transportation and open access as they stated back then. The automakers are becoming heavily interested in all of the things the blockchain industry has to offer. Currently, Mercedes Benz and Daimler are exploring the idea of fitting vehicles with a digital wallet for cryptocurrencies. Simens on the other side is looking to implement blockchain-powered car-sharing solutions. Jaguar Land Rover partnered with the IoT-based crypto IOTA aiming to reward the drivers in crypto for allowing their cars to automatically report road condition information.The carmaker Hyundai also launched a cryptocurrency of its own via the European Subsidiary of Hdac blockchain business arm. Hdac announced that they will spend up to 10 million USD on blockchain-related business ventures and we can't wait to see what they plan in the next cryptocurrency news.
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