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QuadrigaCX CEO's Widow Wants Her Money Back. Creditors Are Outraged

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🏦💲Jennifer Robertson drew ire from creditors by demanding a $225,000 payout for 30-day long protection from proceedings
QuadrigaCX CEO's Widow Wants Her Money Back. Creditors Are Outraged
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Staying under creditor protection wasn’t cheap — Jennifer Robertson, the widow of QuadrigaCX CEO Gerald Cotten, had to shell out up to $225,000 in gap financing. Now, according to Bloomberg, she wants this sum to be repaid, but the exchange’s creditors claim that such demands are unacceptable.  

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Keeping creditors at bay

After the death of Cotten, one of the largest cryptocurrency exchanges in Canada that owed its customers $200 mln was granted creditor protection on Feb. 5 in the Nova Scotia Supreme Court. Because of that ruling, the controversial platform was able to avoid proceedings for 30 days while Big Four auditing firm Ernst & Young (EY) was appointed to monitor the exchange’s dealings.

It’s time to pay back

According to the company’s spending plan, $225,000 that is kept in QuadrigaCX’s $24.7 mln disbursement account is allocated to ‘shareholder advances’. Until March 8, they will also repay QuadrigaCX’s lawyers and EY.

Creditors are not pleased

Meanwhile, creditors are concerned about the $225,000 payout, calling it ‘inappropriate’. As reported earlier, Robertson asked the court to name a chief restructuring officer (CRO) in order to distance herself from the drama. The court will voice its decision during today’s hearing.
 

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Alex Morris

OKEx, Bit-Z, CoinBene and Other Exchanges Use Different Mechanisms to Inflate Their Trading Volumes

🔊😱Fraudulent exchanges can ‘add noise’ in order to make their faked trading volumes seem more authentic 👀
OKEx, Bit-Z, CoinBene and Other Exchanges Use Different Mechanisms to Inflate Their Trading Volumes
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Crypto Integrity has recently revealed the mechanics of wash trading that are employed by major cryptocurrency exchanges. OKEx, one of the leading exchanges, also appeared on the list of exchanges that disguise their real trading volumes.

Many faces of wash trading

The study singles out three main wash trading mechanisms that differ in the difficulty of implementation:

  • In-spread trades without limit orders. The exchange reports the trades that do not appear in the order book at all. This instrument is popular with fledgling exchanges since it mitigates all risks that pertain to wash trading. OKEx, Bit-Z, CoinTiger, and other exchanges were involved in this activity.    

  • In-spread trades with short-lived limit orders. The order appears in the order book for a minuscule fraction of a second, which makes it impossible for any traders to see it (unless we are talking about automated bots). Short-lived orders have been noticed on CoinBene, Bitmart, and IDAX.  

  • Trades near bid-ask caused by short-lived limit orders. In this case, traders try to disguise their malicious activities by placing orders of different sizes and with different life duration. OKEx is the only exchange to use the most sophisticated form of wash trading.          

A mundane thing

As reported by U.Today, wash trading is extremely prevalent in the cryptocurrency space. In fact, an earlier study showed that seven out of ten exchanges that occupy the top 10 spots on CoinMarketCap (CMC) report fake numbers.

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