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Quadrigacx vs CIBC

Comments

  • Has there been any updates? Banking and crypto seem to be butting heads. Not that we didn't see it coming.
  • CoinGuyCoinGuy Administrator
    Per comments by Quadriga on Reddit

    Yes,the CIBC situation is nearly resolved. We received an apology letter from the judge on Friday, apologizing for the delay in resolving the case (given that we had our original court date back in June).

    He indicated that in his letter that his ruling would be issued this week. Per the original discussion that occurred in the superior court, our understanding is that the funds will be returned to either our payment processor or to our accounts. When this occurs, all remaining outstanding withdrawals that have not yet gone out will be processed pretty much immediately. Our hope is that the ruling is made in the earlier part of the week so that we can fully catch up on all payments by the end of the week.

    Upon receiving our funds that CIBC has been holding hostage since January, we will subsequently be launching a lawsuit against CIBC for the severe damages that they have caused to both QuadrigaCX and our users.
  • CoinGuyCoinGuy Administrator
    edited November 2018
    Their latest comment on Reddit.

    The judge issued his decision today late in the afternoon. There will be some documentation to sign but the CIBC situation is coming to a close (finally)!

    We will have an official statement with more info over the weekend. The court library will be updated "early next week" according to the clerk that we spoke to regarding the online database.


    That link would be here http://www.ontariocourts.ca/scj/decisions/
  • You know whose side we're on :tongue:
  • This is crazy. I hope things work out for QCX and it's users. $28 mill is a big headache.
  • QuadrigaCX is winning https://www.reddit.com/r/QuadrigaCX/comments/a2x0ut/cibc_case_update_dec_4th/

    Pretty awesome news, and it comes around the same time as a major court victory for crypto in the United States (SEC versus Blockvest). On both sides of the border, the bankers/regulators are hesitant to appeal because if it goes to a higher court and they lose, the decision becomes permanent. About time they felt a little fear, for once
  • CoinGuyCoinGuy Administrator
    The delays continue, as mentioned on Reddit

    This isn't the update that everyone wants but we do have both good and bad news though.
    First the good news, BMO has released the funds.
    However the bad news is that they have released bank drafts back to us as they refused to accept the funds.

    Currently we are having Billerfy endorse the drafts to our company, this will allow our lawyer to have the funds cashed into a specific bank account that has been created for our company.

    It's likely the drafts will be endorsed and deposited on Monday as we received them from BMO today.
    All backlogged amounts have been successfully queued with our processors to be completed as soon as we have the funds in place. Sadly though, with this latest setback, it will likely be two weeks before we are able to commence these settlements.

    Small payments are still going out daily and we are working as fast as possible to clear the backlog.
    We truly appreciate your patience and will continue to keep you in the loop regardless of the news to share.


    Now with the death of the Quadridga CEO, more delays could occur.
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