One of Canada’s biggest cryptocurrency exchange QuadrigaCX seems to be facing a severe financial issue after it lost access to its cold storage wallet. The exchange is reportedly missing funds worth 190 million CAD in digital assets, reports local publication The Globe and Mail. This amount is lost in the form of digital assets like Bitcoin, Bitcoin Cash, Bitcoin Cash SV, Bitcoin Gold, Litecoin, and Ethereum.
“For the past weeks, we have worked extensively to address our liquidity issues, which include attempting to locate and secure our very significant cryptocurrency reserves held in cold wallets, and that are required to satisfy customer cryptocurrency balances on deposit, as well as sourcing a financial institution to accept the bank drafts that are to be transferred to us. Unfortunately, these efforts have not been successful”.
An official statement on its website shows that QuadrigaCX filed “an application for creditor protection in accordance with the Companies’ Creditors Arrangement Act,” to address the ongoing “financial” issues. According to PwC, this act allows financially troubled companies to “restructure their affairs”.