A Nova Scotia judge has selected two law firms to represent users of the insolvent QuadrigaCX cryptocurrency exchange who are owed about $260 million.
Justice Michael Wood of the Nova Scotia Supreme Court issued a decision today saying he had appointed Miller Thomson of Toronto and Halifax-based Cox & Palmer as representative counsel.
Wood says both firms have extensive experience with insolvency cases, and he noted that Miller Thomson has expertise when it comes to cryptocurrency.
Get weekly money news
READ MORE: Over $450K in QuadrigaCX cryptocurrencies lost in inaccessible ‘cold wallets’: report
As well, the judge approved of their communication strategy, which includes the use of social media and online discussion groups to reach 115,000 affected users.
Both law firms have also agreed to cap their fees at this stage of the court proceedings, though the cap was not spelled out in Wood’s decision.
- IBC estimates $230M in insured damage claimed from Edmonton storms
- Alberta First Nation sues Ottawa over $5 treaty annuity, argues amount stuck in 1899
- Jobs hang in the balance as Ekati diamond mine in N.W.T. closing early
- WestJet flight attendants hold information pickets as strike vote takes place
The Vancouver-based exchange was shut down Jan. 28 following the sudden death in December of its CEO and sole director, 30-year-old Gerald Cotten of Fall River, N.S.
READ MORE: Researchers find little trace of Quadriga’s stuck millions on the blockchain
Court documents say $190 million in missing cryptocurrency is locked in offline digital wallets – but they are beyond the reach of the company because Cotten was the only person who had the encrypted pass codes.
Comments
Want to discuss? Please read our Commenting Policy first.