Judge moves to block potential lawsuits against QuadrigaCX exchange

posted 4 months ago
A judge in Canada will rule in favor of a creditor protection request filed last week by Canadian crypto exchange QuadrigaCX, issuing a 30-day stay of proceedings. The controversial platform went offline last week, later announcing that it was filing for protection under the "Companies’ Creditors Arrangement Act" due to its inability to locate its “significant cryptocurrency reserves,” which may total as much as $137 million.

The company sought to preempt any litigation from customers hoping to recoup their losses, according to the filing. The exchange will receive the protection, and professional services firm EY will be appointed as a monitor to oversee Quadriga’s processes and procedures over the next several months.
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