The biggest news in crypto this week is the sudden death of QuadrigaCX's 30 year old founder from Crohn's disease, leaving 115k clients unable to retrieve $190m in funds as the founder was the only one who controlled the private keys to the exchange's "cold storage."
QuadrigaCX had been plagued with legal trouble in the past year: In early 2018, the Canadian Imperial Bank of Commerce froze more than $25 million of QuadrigaCX's assets after noticing "irregularities" in the exchange's payment processes. The Ontario Superior Court of Justice took control of the funds, Coindesk reported, and they were just returned to the company days before Cotten's death. Now, the company is looking into selling its operating platform to stay afloat. Robertson has asked the court for a stay of proceedings to protect the company from lawsuits and buy time while QuadrigaCX tries to access the cryptocurrency tied up in its cold wallets. She also asked the court to appoint international accounting firm Ernst & Young to oversee its dealings while QuadrigaCX tries to recover the lost holdings.