Based on a recent report, the Ontario Superior Court of Justice has ordered that the money deposited with the Canadian Imperial Bank of Commerce, by a Canadian based crypto exchange, Quadrigacx should be transfer to its accountant’s office. According to the order, the amount the court will be taking custody of is about $19.5 million.
CIBC Froze the Funds
According to a previous report, the funds which were originally deposited by Quadrigacx with the Canadian Imperial Bank of Commerce (CIBC) got frozen due to what was referred to has competing claims to the funds. The total amount of money frozen by the bank is calculated to be a little below $20million.
In light of this, the Ontario Superior Court of Justice has issued an order to have the fund in its custody, until the exchange can prove the true ownership of these funds.
The Judge who gave the order has been identified as Judge Glenn Hainey. Hainey further stated that:
“CIBC has met the onus of establishing that there is a real foundation for the expectation of competing claims with respect to the disputed funds, ”
Hainey also made sure to specify where the money will be sent. He ordered the bank to have the money transferred to the Accountant of the Superior Court.
QuadrigaCX is Fighting Back
In response to its funds getting frozen and also transferred to the custody of the superior court, QuadrigaCX’s management team have started making moves targeted at helping them reclaim their money from the bank as well as the court accountant. Apart from just securing the funds, it is likely that QuadrigaCX will be claiming damages. The exchange made it known that these series of events has led to its users not able to access their funds, thereby slowing down their business greatly.