We heard from QuadrigaCX when they first filed for creditor protection at the beginning of February. We heard from the crypto community a few days later as MyCrypto ▷founder and CE┓O Taylor Monahan began a string of questions related toↅ how much cryptocurrency QuadrigaCX actually has in its inaccessible cold wallets. Then we heard from Ernst &" Young (※EY), the exch⌒ange's court appointed monitor, as more of QuadrigaCX's bitcoins were inadvertently moved and as the entities worked to fund the creditor protection proceedings.
Now we're hearing from Jennθifer Robertson, 】one of QuadrigaCX's two current d∽ire▲ctors an┖d the widow to the exchange's deceased owner, Gerry Cotten. In an affidavit filed with the Nova Scυotia Supreme Court on February 25, Robertson outlines her role as a d♂irector for QuadrigⅦaCX during the creditor protection proceedings, her decision to ask for the court to appoint a chief r∑estructuring officer (▐CξRO), and the company's request for an exte▬nsion of the stay of proceedings.
According to Robertso└n's first affidavit filed on January 31, QuadrigaCX aшppointed three company directorεїзs on January 25: Robertson herself, Thomas Beazley (her stepfather), and Jack Ma╜rtel. The d≧irectors were meant to "provide instructions and directions on a go-forward basis." In Robertson's most recent affidavit, she states Martel has s℃ince resigned, and◥ the thi〒r₪큐d director position has ⿵not been filled.
As the legal proceedings con￥tinue, Robertson⊿ asks that the Nova Scotia Supreme Court appoint Peter Wedlake, partner 々and senior vice president for the auditing firm Grant Thornton, as QuadrigaCX's CRO. Wedlake's eΠxperience providing insolv¤ency services and ☉his proximity to Grant Thornton's involvement in the cryptocurrency industry has led Robertson to believe his appointment is necessary as neither herself nor Beazley "have the cryptocurrency expertise necessβary to search for or direct the search for the co≠ld wallets."
Speaking of QuadrigaCX's famed cold wallets, Robertson's affidavit also mentions that both EY and the exchange need more time t┎o properly collect the available assets needed to≮≯ fund the proceedings and pay back the money owed to the ┌affected users. In a motion filed by QuadrigaCX on February 25, the exchange is asking for an additional 45 to 60 days. The initial 30-day ↹stay of proceedings was handed down by the court on February 5.
If the extension is not granted, Robertson believes:"The abiйlity of the Companies to complete the investigation into the location and accessing the missing assets will also ↆend, as well as ending any discussions regarding the potential sale of the assets of the Companies, namely being the trading platform of Quadriga."
With no mention of the progress made toward gaining access to the exchange's cold wallets, EY's second report issued ∩last week mainly focused on the efforts being made to fund QuadrigaCX's creditor protection proceedings. As EY stated in their report, "The۩ Applicants currently have no accessible f┚unds to funσd the [Companies' Creditors Arrangement Act] proceedings, other than the in∠terim financing provide┆┇d by Ms. [Jennifer] Robertson which will be e→xhausted iηn the near term."