Canadian cryptocurrency exchange QuadrigaCX is down for maintenance, as per an announcement on its webpage on January. 28. The exchange, that has been wrapped up in legal troubles with the Canadian Imperial Bank of Commerce (CIBC), is inaccessible as of press time.

The exchanges users, a number of whom have supposedly been unable to access or withdraw their funds for months, took to Reddit and Twitter. One user asked, “Shouldn't you let your client know before taking it down?” Some users on a Reddit post speculated on whether or not the exchange had gone insolvent. One commenter stated, “They can declare insolvency because of an inability to find a suitable bank to host an account and facilitate transfers.”

In Oct 2018, the exchange disputed a $19.6 million sum with the CIBC. the world and Mail then reported that QuadrigaCX had been experiencing difficulties accessing $16.3 million of its funds since Jan, once the IBC froze five accounts belonging to the exchange’s owner, Jose Reyes and its payment processor, Costodian INC.

CIBC subsequently requested the court to withhold the funds and determine whether or not they belong to Costodian, the exchange, or the users who deposited the funds. The Ontario superior court then ruled in favor of the bank, agreeing that the owner of the funds isn't clearly established. CIBC was then obliged to pass the funds over to the accountant of the superior court so as to spot the owner of the money.

The situation is more sophisticated by the apparent death of the exchange’s founder, Gerry Cotten. a press release concerning the sudden passing of Cotten, that is no longer available because the web site is down, is referenced by the exchange in a Reddit post.

Following the post, some users asked for proof of death, whereas one even posited the idea that the exchange couldn't access assets in cold storage, because the keys were only known to Cotten.

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