After the death of the CEO of crypto exchange QuadrigaCX Gerald Cotten, nearly $150 million in cryptocurrency got inaccessible and plenty of users got stuck and unable to withdraw their funds. As the reports that are coming in today in our crypto news show, the exchange might get sold in order to compensate the users who were left without their funds.
The company has filed for protection under laws that prevent the destruction of insolvent businesses in Canada and the company is also considering selling the exchange’s IP assets.
Efforts are put in to cracking the laptop and recover the funds but some analysts believe that there are no cryptocurrencies left to recover:
“Some of the main addresses of QuadrigaCX also reportedly sent outgoing transactions after the death of its CEO Gerald Cotten, which should not be possible if the CEO had full control over all of the firm’s wallets.”
QuadrigaCX was one of the biggest bitcoin exchanges in Canada and one of the users describes his experience with the exchange:
“I used it primarily because at the time my weekly purchase limit with Coinbase was fairly low, and since I wanted to purchase more than I could on Coinbase, Quadrigacx was a convenient way to go.”
However, the anonymous user also has written that some of his friends did not have a positive experience with the exchange since after cashing out; the cheques were late by a month.
Also, the exchange was seemingly having banking issues since last October according to the public notes of the company:
“The exchange was the largest in Canada by volume until its sudden demise this month. The company’s public notices leave many details out. They are not the first Canadian exchange to suddenly face problems. MapleChange is another notable example.”
Guangdong Province In China To Use Blockchain-Based Tax Payment Platform
“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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