Canadian exchange QuadrigaCX, has come down with some hard times as of recent, mostly due to the exchange unable to allow their customers to withdraw funds from their exchange for the past couple of months.
The exchange’s website has also become unavailable for long periods of time, with various reasons given for the downtime. During last Thursday, customers of QuadrigaCX were met with text when access the website stating,
“Our site is down for maintenance. We apologize for the inconvinence this may cause. We appreciate your patience, and will keep you updated as we know more. Thank you.”
QuadrigaCX’s problems first began when it announced that the co-founder and CEO of the exchange, Gerald Cotten, passed away during December. Following his unfortunate passing, the exchange has been involved in disputes with various banks and continues to struggle on finding a bank willing to work with them, even just to process a user’s withdrawals.
Although, recently some court documents from the Supreme Court of British Columbia recently published online by Jennifer Robertson, the late wife of the CEO, is currently the beneficial owner of 43% shares of the company. This document also claims that Gerald Cotten was only the officer and director of the company and that the company is apparently, “incapable of carrying out any functions at, all to.”
The court document paints a picture that the exchange was run more or less by a “one-man show,” and it’s therefore easy to see why these sort of problems have popped up when the person running the show passed away.