- CEO Gerald Cotten used his funds to make customers whole after the Canadian Imperial Bank of Commerce (CIBC) froze the exchange’s fiat holdings in 2018.
- QuadrigaCX will also part ways with the law firm Stewart McKelvey after Ernst & Young discovered a conflict of interest.
Jennifer Robertson, the widow of QuadrigaCX CEO Gerald Cotten, revealed that Cotten had used his own cash to make customers whole after the Canadian Imperial Bank of Commerce (CIBC) froze the exchange’s fiat holdings in 2018. The bank did so because they had questions over the funds’ origins.
Robertson stated:
“While I had no direct knowledge of how Gerry operated the business, he told me that he had been putting his own money back into QCX to fund user withdrawals in 2018 while the CIBC money remained frozen. I believe Gerry had the best interests of the business in mind, and cared for his customers.”
Robertson also noted that QuadrigaCX will be parting ways with the law firm Stewart McKelvey after Ernst & Young, the exchange’s court-appointed monitor, discovered a conflict of interest:
“I have been advised by Stewart McKelvey that, in light of concerns regarding a potential conflict of interest that have been raised as a result of information which has come to the attention of the Monitor since the start of the CCAA process, they have withdrawn from representing QuadrigaCX (QCX) and the other applicant companies in the CCAA process.”
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