Troubled crypto exchange QuadrigaCX, whose customers have faced withdrawal delays in both fiat and crypto for months, has been inaccessible for several hours.
Moreover, the status message on the website appears to be fluid. A previous message timestamped 21:07 UTC on Jan. 28 explains that "an upgrade is being performed on QuadrigaCX and we should be back online shortly," alongside an apology "for any inconvenience."
However, a later message simply states that the site is down for maintenance:
Earlier this month, QuadrigaCX said on social media and through emails sent to customers that it was making progress toward returning their money, after resolving a legal fight with the Canadian Imperial Bank of Commerce (CIBC), which previously froze funds held by the exchange's payment processor.
An email sent by interim CEO Aaron Matthews on January 15 said the exchange would work to return customer funds "within two weeks" – a period that ends tomorrow.
However, Jose Reyes, owner and managing director of Billerfy, the payment processor working to endorse the bank drafts on Quadriga's behalf, said at the time he did not have a firm timeline on when funds might be returned.
"[N]o banks have the appetite to take the drafts so we are looking around for crypto-friendly banks," he told CoinDesk then. As such, he could not commit to the two-week timeframe laid out by Matthews.
The company was expected to hold a shareholders' meeting on Friday to elect new officers, following a petition to the Supreme Court of British Columbia filed by Jennifer Robertson, identified as the widow of QuadrigaCX founder Gerald Cotten and the executor of his estate.
The petition claimed Cotten's death left no officers with the company. However, it is not clear if the meeting took place and, if so, what the results were.
Requests for comment to QuadrigaCX and Reyes were not immediately returned.
Editor's note: This article has been updated to clarify that both fiat and crypto withdrawals at QuadrigaCX have been delayed in recent months.
Closed sign image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.