Recently Canadian cryptocurrency exchange recently made an announcement that it is down for maintenance. As a matter of fact the exchange has been previously been under radar for legal troubles with Canadian Imperial Bank of Commerce (CIBC).

Users of QuadrigaCX platform have been unable to withdraw their funds for months. The enraged users took to reddit and twitter lambasted the exchange.

In October 2018, QuadrigaCX exchange disputed a $19.6 million sum with the CIBC. QuadrigaCX and users had been experiencing difficulties accessing $16.3 million of its funds since January.

This was when 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 with hold the funds & determine whether they belong to Costodian, QuadrigaCX, or the users who deposited the funds. Further more, the Ontario Superior Court ruled in favor of the bank.

It has been agreed on the fact that the owner of the funds is not clearly established. CIBC was then obliged to pass the funds over to the Accountant of the Superior Court in order to identify the owner of the money.

The situation is further complicated by the apparent death of the QuadrigaCX’s founder, Gerry Cotten.