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

  • Alex Morris
    📰 News

    🏦💲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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Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader


Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader
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It’s been over two weeks since Bitcoin’s astronomical surge on Apr. 2, but new theories about what might have caused this bullish uptick continue to pop up. According to crypto-oriented analytical firm CoinMetrics, that epic surge was causes by a single trader.

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Mammoth-size trades

CoinMetrics claims that ‘a single committed trader’ concocted a plan to push the BTC price, and he successfully managed to do that by picking the time of the day when the global liquidity is at its lowest level.


(Source: CoinMetrics.io)

(Source: CoinMetrics.io)  

The report also suggests that the trader started to execute his plan on HitBTC (500,000 USDT were traded for Bitcoin prior to the price movement). After that, large trades were observed on Coinbase and Bitfinex.      

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Focusing on the future

Meanwhile, as reported by U.Today, another theory states that the rapid price surge was triggered by the expiration of the CME futures contracts and heavy spot and over-the-counter buying. One expert went as far as claiming that a simple April joke about the Securities Exchange Commission (SEC) could do the trick.

While no one is quite sure about what could have triggered the short-living rally, there is even a bigger disconnect when it comes to Bitcoin price predictions. While some share their bullish predictions for 2019, another report states that it could take 22 years for Bitcoin in order to match its current ATH of $20,000.

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