Canada’s Largest Fiat On/Off ramp and Exchange just filed for bankruptcy: QuadrigaCX

They have been around since 2013. They were reputable, reliable and the "goto" here in Canada. I would suspect most Canadian crypto holders have purchased or sold from quadriga. Many users (especially less technically sophisicated ones) have FIAT or crypto on the exchange.

Major carnage at https://www.reddit.com/r/QuadrigaCX/, but many posts being removed by mods. Suicide prevention numbers posted, people posting that they have lost tens and hundreds of thousands of dollars.

This marks a black swan event for crypto in Canada.

https://www.quadrigacx.com/

January 31, 2019

Dear Customers,

An application for creditor protection in accordance with the Companies' Creditors Arrangement Act (CCAA) was filed today in the Nova Scotia Supreme Court to allow us the opportunity to address the significant financial issues that have affected our ability to serve our customers. The Court is being asked at a preliminary hearing on Tuesday February 5 to appoint a monitor, Ernst & Young Inc., as an independent third party to oversee these proceedings.

For the past weeks, we have worked extensively to address our liquidity issues, which include attempting to locate and secure our very significant cryptocurrency reserves held in cold wallets, and that are required to satisfy customer cryptocurrency balances on deposit, as well as sourcing a financial institution to accept the bank drafts that are to be transferred to us. Unfortunately, these efforts have not been successful. Further updates will be issued after the hearing.

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