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Canadian Bank In Dispute With Crypto Exchange Firm

There has been a dispute between the Canadian Bank Of Imperial Commerce(CBIC) and a crypto exchange called QuadrigaCX and this said dispute has been handed over to the Ontario superior court.

What actually caused the dispute was that a report surfaced on the 8th of Oct that  QuadrigaCX had been experiencing difficulties accessing $16.3 million of its funds since January, when CIBC froze five accounts belonging to the exchange’s payment processor, Costodian Inc., and its owner, Jose Reyes. The bank purportedly froze the accounts due to an inability to identify the funds’ owners.

Also Read: Bitmain Sues Mystery Thief for Alleged Theft of Bitcoin Worth $5.5 Million

CIBC subsequently requested the court to withhold the disputed funds and decide whether they belong to QuadrigaCX, Costodian, or the 388 users who had deposited the funds. In response, QuadrigaCX told the court that the bank froze the funds mistakenly and claimed to be the undisputed owner of the greater part of the funds.

The Judge saw reasons with the bank and ruled in favour of the bank pending when the true owner of the fund is verified.

About Michael Iyeyi

Michael Iyeyi, CEO of Alphatekng.com is a humble tech enthusiast, a blogger, and a music freak with passion to impact lives positively.

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