https://www.coindesk.com/quadriga-creditor-protection-filing
Their liabilities are $190 million according to their latest court filing including 26,500 BTC.
I must say I'm shocked somewhere that was so shaky for so long still commanded that much faith from its customers.
It also confirms that the 'dead' guy had sole control of the private keys despite this article quoting him as saying he uses multi sig in 2015 - https://www.coindesk.com/canada-bitcoin-exchange-leader-market-turmoil
Topic: Unofficial Quadriga Cx Thread - page 5. (Read 24347 times)
Good on you updating this thread as it unravelled.
I'm fairly unscathed on this, unfortunately i had 1 mining reward go there while I was on vacation. Best case it got there and things roll out smooth. Worst case its gone. It was small so not to big a deal.
I must say i'm shocked they didn't send an email to customers. Just a blank webpage... that was lying for the first couple days.
I'm fairly unscathed on this, unfortunately i had 1 mining reward go there while I was on vacation. Best case it got there and things roll out smooth. Worst case its gone. It was small so not to big a deal.
I must say i'm shocked they didn't send an email to customers. Just a blank webpage... that was lying for the first couple days.
Official From QuadrigaCx Website
Message from QuadrigaCX Board of Directors
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.
Message from QuadrigaCX Board of Directors
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.
Whoa, it's much worse than I thought.
I thought the owner had just misstructured the company so that when he died, the bank accounts were legally in limbo. Instead, it seems like Quadriga was either already a fractional reserve exchange, or the cold storage wallets went to the grave with the owner.
Good luck to the victims. Sounds like it could take years to claw a fraction of their money back, like Gox.
Official From QuadrigaCx Website
Message from QuadrigaCX Board of Directors
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.
______________________________________________________________________
Ugh, that's an understatement.
The statement they put up today says we can't find the cold storage coins and we can't cash the cheque to the bank.
At least they have a Board of No Name Directors
What occurred in the Legal Meeting from the documents last week was the creation of a Board of Directors with no names provided of whom is on this board.
This is assuming they plan on having Ernst and Young do all communications, it is possible the board plans on separating themselves from the creditors aka users and using them as the communication platform.
The only thing we do know that did happen is that their first order of action as a Board was to put the company into the CCAA.
The next question is will they start running the company again with Ernst and Young monitoring it and can they use the court to force some bank to cash the 25 million dollar cheque somewhere to continue operations.
Until then not much will happen I presume as the preliminary hearing for this is heard on February 5th and it's a question of how long this takes legally, then I guess we go from there.
-
Speculation Wise:
The real question is will the exchange die?
Will the exchange go into receivership?
Or is this an elaborate exit scam.
As we proceed forward this outcome does seems a bit less likely it is an exit scam due to all this legal effort on their side to keep the place operating.
This said it is still possible as an outcome we don't have declarative Definitive Proof of Death for the last director in India.
We also know that the other individuals don't have access to the cold storage keys apparently.
The reason it is elaborate is that it is possible that another director or someone else in Quadriga unknown to the people applying the court proceedings has the keys and is siphoning the funds, since the Cold Wallet Address is not known.
The connections that Quadriga has with other defunct exchanges through the Cryptocapital connection may hint that Bitfinex is next on the chopping block and to be careful if it is the Crypto Consulting Group members who are now the new Directors as this could be a red flag and also means the rumor that Tether is insolvent is true, in which case the CIBC may have done QuadrigaCX a favor as it is making it hard for the scammers to escape with these funds.
https://bitcoinexchangeguide.com/cryptocapital-co-may-be-cryptos-black-swan/
One thing i'm sure of was that the dead director wasn't dumb enough to not have a Deadman Switch
The Deadman Switch exists, its just a matter of who knows about the Deadman Switch and what they will do with that information once they have it.
Right now my own speculation is that it is very possible we may eventually see a possible restoration and reopening of the exchange.
QuadrigaCx will freeze the current account balances and then pay the users from fees over time, using the 25 million to keep operating and to fund operations.
They may also do a Vircurrex and maybe never pay out the frozen funds and disappear a few years later, although given the information we know I see that as a less likely outcome as they say that Ernst and Young will be monitoring as an independent third party if all goes according to plan and they will be keeping records.
May end up more like Binance where they do a buyback.
Either way its interesting, Reminds of the good old Asicminer days rip Friedcat.
___________________________________________________________________
For those who do not know what CCAA here is the definition and overview of what it means from Price Water House Coopers
https://www.pwc.com/ca/en/services/insolvency-assignments/what-is-ccaa.html
What is CCAA?
The Companies' Creditors Arrangement Act (commonly referred to as the "CCAA" or the "CC, double A") is a Federal Act that allows financially troubled corporations the opportunity to restructure their affairs. By allowing the company to restructure its financial affairs, through a formal Plan of Arrangement, the CCAA presents an opportunity for the company to avoid bankruptcy and allows the creditors to receive some form of payment for amounts owing to them by the company.
The CCAA is restricted to larger corporations, as a corporation must have amounts owing to creditors in excess of $5 million to be eligible to use the Act. Corporations that do not reach this $5 million threshold can utilize the Division I Proposal under the Bankruptcy and Insolvency Act. The CCAA also allows a company, if it so chooses, to address its shareholders in addition to its creditors. Typically, when the shareholders of the company are impacted by the Plan of Arrangement, they are often given the opportunity to vote on the Plan.
The process begins in the Court system when the company applies to the Court for protection under the CCAA. The Court will issue an Order giving the company 30 days of protection (often referred to as the "Stay") from its creditors to allow for the preparation of the Plan of Arrangement. The Court can extend the Stay against the creditors upon further application to the Court by the company. Typically, the Court will continue the protection beyond the initial 30-day period if the company can demonstrate that it is likely that it will file a Plan of Arrangement and an extension of the Stay is not prejudicial to the creditors, as a whole. There is no time limit on how long the Stay can be extended. During the Stay period, the company will often continue operating, although it may commence restructuring activities at any time.
A Monitor is an independent third party who is appointed by the Court to monitor the company's ongoing operations and assist with the filing and voting on the Plan of Arrangement. The Monitor's duties include monitoring the business, reporting to the Court on any major events that might impact the viability of the company, assisting the company in the preparation of the Plan of Arrangement, notifying the creditors (and shareholders) of any meetings and tabulating the votes at these meetings. The Monitor prepares a report on the Plan of Arrangement that is usually included in the mailing of the Plan.
The Plan of Arrangement is the proposal that the company is presenting to its creditors on how it intends to deal with debt it owes at the time of the initial filing with the Court. There are no restrictions on what the Plan can entail. It is not uncommon to see offers to pay a percentage on the dollar of debt, either as a lump sum or over a period of time. Plans can include an offer of shares of the company in exchange for the debt outstanding or a combination of cash and shares. The debtor can identify a particular creditor or group of creditors as "unaffected." Unaffected creditors are included in the Plan and are not to be paid in the normal course. One of the benefits of the CCAA is that it allows for this flexibility when trying to put together a Plan.
In order to be able to vote on the Plan and receive any distribution under it, a creditor must file a Proof of Claim with the Monitor. The Proof of Claim sets out what is owed to the creditor and is reviewed by the Monitor and the company. Any discrepancies between the creditor's Proof of Claim and the company's records are investigated by the company. The Plan will outline the procedures for dealing with disputed claims.
Ultimately, the company files its Plan of Arrangement and forwards it to the creditors/shareholders. A meeting of the creditors (and shareholders, if applicable) is called to vote on the Plan. For the Plan to be binding on each class of creditors, a majority of the proven creditors in that class, by number, together with 2/3 of the proven creditors in that class, by dollar value, must approve of the Plan presented to them. If a class of creditors approves the Plan, it is binding on all creditors within the class, subject to the Court's approval of the Plan. If all of the classes of creditors (and shareholders, if applicable) approve the Plan, the Court must then approve the Plan as a final step. Upon Court approval, the company continues forward as outlined under the Plan until it has satisfied the requirements under the Plan.
If a class of creditors or the Court does not approve the Plan, the company does not automatically go into bankruptcy, but the Stay is lifted. However, once the Stay has been lifted, the pressures that caused the company to initially file for CCAA protection from its creditors will likely return and, accordingly, it is quite likely that the company will be placed into receivership or bankruptcy.
Message from QuadrigaCX Board of Directors
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.
______________________________________________________________________
https://twitter.com/francispouliot_/status/1091094664512499712
According to them they 'can't find' their cold storage funds. I presume this means they died with the owner.
This is just the professsionalism we've come to expect from our friendly local crypto exchanges.
According to them they 'can't find' their cold storage funds. I presume this means they died with the owner.
This is just the professsionalism we've come to expect from our friendly local crypto exchanges.
Ugh, that's an understatement.
The statement they put up today says we can't find the cold storage coins and we can't cash the cheque to the bank.
At least they have a Board of No Name Directors
What occurred in the Legal Meeting from the documents last week was the creation of a Board of Directors with no names provided of whom is on this board.
This is assuming they plan on having Ernst and Young do all communications, it is possible the board plans on separating themselves from the creditors aka users and using them as the communication platform.
The only thing we do know that did happen is that their first order of action as a Board was to put the company into the CCAA.
The next question is will they start running the company again with Ernst and Young monitoring it and can they use the court to force some bank to cash the 25 million dollar cheque somewhere to continue operations.
Until then not much will happen I presume as the preliminary hearing for this is heard on February 5th and it's a question of how long this takes legally, then I guess we go from there.
-
Speculation Wise:
The real question is will the exchange die?
Will the exchange go into receivership?
Or is this an elaborate exit scam.
As we proceed forward this outcome does seems a bit less likely it is an exit scam due to all this legal effort on their side to keep the place operating.
This said it is still possible as an outcome we don't have declarative Definitive Proof of Death for the last director in India.
We also know that the other individuals don't have access to the cold storage keys apparently.
The reason it is elaborate is that it is possible that another director or someone else in Quadriga unknown to the people applying the court proceedings has the keys and is siphoning the funds, since the Cold Wallet Address is not known.
The connections that Quadriga has with other defunct exchanges through the Cryptocapital connection may hint that Bitfinex is next on the chopping block and to be careful if it is the Crypto Consulting Group members who are now the new Directors as this could be a red flag and also means the rumor that Tether is insolvent is true, in which case the CIBC may have done QuadrigaCX a favor as it is making it hard for the scammers to escape with these funds.
https://bitcoinexchangeguide.com/cryptocapital-co-may-be-cryptos-black-swan/
One thing i'm sure of was that the dead director wasn't dumb enough to not have a Deadman Switch
The Deadman Switch exists, its just a matter of who knows about the Deadman Switch and what they will do with that information once they have it.
Right now my own speculation is that it is very possible we may eventually see a possible restoration and reopening of the exchange.
QuadrigaCx will freeze the current account balances and then pay the users from fees over time, using the 25 million to keep operating and to fund operations.
They may also do a Vircurrex and maybe never pay out the frozen funds and disappear a few years later, although given the information we know I see that as a less likely outcome as they say that Ernst and Young will be monitoring as an independent third party if all goes according to plan and they will be keeping records.
May end up more like Binance where they do a buyback.
Either way its interesting, Reminds of the good old Asicminer days rip Friedcat.
___________________________________________________________________
For those who do not know what CCAA here is the definition and overview of what it means from Price Water House Coopers
https://www.pwc.com/ca/en/services/insolvency-assignments/what-is-ccaa.html
What is CCAA?
The Companies' Creditors Arrangement Act (commonly referred to as the "CCAA" or the "CC, double A") is a Federal Act that allows financially troubled corporations the opportunity to restructure their affairs. By allowing the company to restructure its financial affairs, through a formal Plan of Arrangement, the CCAA presents an opportunity for the company to avoid bankruptcy and allows the creditors to receive some form of payment for amounts owing to them by the company.
The CCAA is restricted to larger corporations, as a corporation must have amounts owing to creditors in excess of $5 million to be eligible to use the Act. Corporations that do not reach this $5 million threshold can utilize the Division I Proposal under the Bankruptcy and Insolvency Act. The CCAA also allows a company, if it so chooses, to address its shareholders in addition to its creditors. Typically, when the shareholders of the company are impacted by the Plan of Arrangement, they are often given the opportunity to vote on the Plan.
The process begins in the Court system when the company applies to the Court for protection under the CCAA. The Court will issue an Order giving the company 30 days of protection (often referred to as the "Stay") from its creditors to allow for the preparation of the Plan of Arrangement. The Court can extend the Stay against the creditors upon further application to the Court by the company. Typically, the Court will continue the protection beyond the initial 30-day period if the company can demonstrate that it is likely that it will file a Plan of Arrangement and an extension of the Stay is not prejudicial to the creditors, as a whole. There is no time limit on how long the Stay can be extended. During the Stay period, the company will often continue operating, although it may commence restructuring activities at any time.
A Monitor is an independent third party who is appointed by the Court to monitor the company's ongoing operations and assist with the filing and voting on the Plan of Arrangement. The Monitor's duties include monitoring the business, reporting to the Court on any major events that might impact the viability of the company, assisting the company in the preparation of the Plan of Arrangement, notifying the creditors (and shareholders) of any meetings and tabulating the votes at these meetings. The Monitor prepares a report on the Plan of Arrangement that is usually included in the mailing of the Plan.
The Plan of Arrangement is the proposal that the company is presenting to its creditors on how it intends to deal with debt it owes at the time of the initial filing with the Court. There are no restrictions on what the Plan can entail. It is not uncommon to see offers to pay a percentage on the dollar of debt, either as a lump sum or over a period of time. Plans can include an offer of shares of the company in exchange for the debt outstanding or a combination of cash and shares. The debtor can identify a particular creditor or group of creditors as "unaffected." Unaffected creditors are included in the Plan and are not to be paid in the normal course. One of the benefits of the CCAA is that it allows for this flexibility when trying to put together a Plan.
In order to be able to vote on the Plan and receive any distribution under it, a creditor must file a Proof of Claim with the Monitor. The Proof of Claim sets out what is owed to the creditor and is reviewed by the Monitor and the company. Any discrepancies between the creditor's Proof of Claim and the company's records are investigated by the company. The Plan will outline the procedures for dealing with disputed claims.
Ultimately, the company files its Plan of Arrangement and forwards it to the creditors/shareholders. A meeting of the creditors (and shareholders, if applicable) is called to vote on the Plan. For the Plan to be binding on each class of creditors, a majority of the proven creditors in that class, by number, together with 2/3 of the proven creditors in that class, by dollar value, must approve of the Plan presented to them. If a class of creditors approves the Plan, it is binding on all creditors within the class, subject to the Court's approval of the Plan. If all of the classes of creditors (and shareholders, if applicable) approve the Plan, the Court must then approve the Plan as a final step. Upon Court approval, the company continues forward as outlined under the Plan until it has satisfied the requirements under the Plan.
If a class of creditors or the Court does not approve the Plan, the company does not automatically go into bankruptcy, but the Stay is lifted. However, once the Stay has been lifted, the pressures that caused the company to initially file for CCAA protection from its creditors will likely return and, accordingly, it is quite likely that the company will be placed into receivership or bankruptcy.
https://twitter.com/francispouliot_/status/1091094664512499712
According to them they 'can't find' their cold storage funds. I presume this means they died with the owner.
This is just the professsionalism we've come to expect from our friendly local crypto exchanges.
According to them they 'can't find' their cold storage funds. I presume this means they died with the owner.
This is just the professsionalism we've come to expect from our friendly local crypto exchanges.
Bringing this thread up again since the forum rarely mentions QuadrigaCx and trying to do a rundown if you know additional information mention it here.
Went through the reddit and legal proceedings document, and from the looks of it QuadrigaCx has no Directors or Executives whatsoever who can handle the business.
Based on the legal document the last director died a month ago and his wife filed a petition to set up a new board of directors on January 22nd, as Urgent business since there was no way to set up a shareholders meeting otherwise.
It looks like they have been having issues getting their funds deposited from the CIBC lawsuit, as almost all Canadian banks are hostile to Bitcoin and cryptocurrency and are literally wandering around with a 22 to 28 million dollar bank draft they can't cash in from BMO with no directors. Then there are the issues with billerfly.
That and they have no directors so they shut down the exchange.
From Reddit
https://www.reddit.com/r/QuadrigaCX/comments/ae72gp/update_20190109/ednfwzo/?context=3
-
Let me try to explain the situation as it currently stands:
- The court released the money to Billerfy as it was where it was locked from
- 3 drafts were handed in and subsequently deposited into a BMO branch by Billerfy
- There was a holding period but this has just got extended by the BMO compliance department to verify Costodian Business Model due to the size of the drafts
We, QuadrigaCX, are just reporting to you what Billerfy is telling us. Our lawyers have been involved to ensure the smooth transaction by providing papers from the court as these funds should have already cleared.
Once the money is released to Billerfy, all the queued payments will be sent.
-
https://www.reddit.com/r/QuadrigaCX/comments/aezjxx/friday_update/
"This isn't the update that everyone wants but we do have both good and bad news though.
First the good news, BMO has released the funds.
However the bad news is that they have released bank drafts back to us as they refused to accept the funds."
--
In other words, shit hit the fan, however it may not be an exit scam this is more of a pain in the arse leading to a trade freeze and asset freeze.
Until we get more information on that front I presume the money is not deposited.
On the other front, QuadrigaCx may be controlled in the future through the Crypto Consulting Group. (CCG)
The wife does not know anything about Cryptocurrency and they do, unless Lovie Horner (11% holder) and the other co-founder decides to take control with the wife's consent.
Either way QuadrigaCx will be considered headless with no real person in charge until a board of directors is set up then they can continue with their operations.
The document concedes that CCG, Mr Patryn consents to the relief in the application.
https://drive.google.com/file/d/1A3ENx8kUgHUSnSkorvG655E70J5JFdx2/view
At present CCG technically have shares but the legal title has not been transferred and there is an outstanding cease trade order against QuadrigaCX which is what we are seeing now.
https://gowithccg.com/
Looks like their is a turbulent period still ahead.
http://bettingresource.com/how-to-get-my-money-or-bitcoin-out-of-quadrigacx.html
Went through the reddit and legal proceedings document, and from the looks of it QuadrigaCx has no Directors or Executives whatsoever who can handle the business.
Based on the legal document the last director died a month ago and his wife filed a petition to set up a new board of directors on January 22nd, as Urgent business since there was no way to set up a shareholders meeting otherwise.
It looks like they have been having issues getting their funds deposited from the CIBC lawsuit, as almost all Canadian banks are hostile to Bitcoin and cryptocurrency and are literally wandering around with a 22 to 28 million dollar bank draft they can't cash in from BMO with no directors. Then there are the issues with billerfly.
That and they have no directors so they shut down the exchange.
From Reddit
https://www.reddit.com/r/QuadrigaCX/comments/ae72gp/update_20190109/ednfwzo/?context=3
-
Let me try to explain the situation as it currently stands:
- The court released the money to Billerfy as it was where it was locked from
- 3 drafts were handed in and subsequently deposited into a BMO branch by Billerfy
- There was a holding period but this has just got extended by the BMO compliance department to verify Costodian Business Model due to the size of the drafts
We, QuadrigaCX, are just reporting to you what Billerfy is telling us. Our lawyers have been involved to ensure the smooth transaction by providing papers from the court as these funds should have already cleared.
Once the money is released to Billerfy, all the queued payments will be sent.
-
https://www.reddit.com/r/QuadrigaCX/comments/aezjxx/friday_update/
"This isn't the update that everyone wants but we do have both good and bad news though.
First the good news, BMO has released the funds.
However the bad news is that they have released bank drafts back to us as they refused to accept the funds."
--
In other words, shit hit the fan, however it may not be an exit scam this is more of a pain in the arse leading to a trade freeze and asset freeze.
Until we get more information on that front I presume the money is not deposited.
On the other front, QuadrigaCx may be controlled in the future through the Crypto Consulting Group. (CCG)
The wife does not know anything about Cryptocurrency and they do, unless Lovie Horner (11% holder) and the other co-founder decides to take control with the wife's consent.
Either way QuadrigaCx will be considered headless with no real person in charge until a board of directors is set up then they can continue with their operations.
The document concedes that CCG, Mr Patryn consents to the relief in the application.
https://drive.google.com/file/d/1A3ENx8kUgHUSnSkorvG655E70J5JFdx2/view
At present CCG technically have shares but the legal title has not been transferred and there is an outstanding cease trade order against QuadrigaCX which is what we are seeing now.
https://gowithccg.com/
Looks like their is a turbulent period still ahead.
http://bettingresource.com/how-to-get-my-money-or-bitcoin-out-of-quadrigacx.html
Cash delivery by courier still works for withdrawal... Not the cheapest, but it does bypass some hassles.
waited 48 hours for interac e transfer to be credited and then they cancelled and removed it from account funding history. no reply to support ticket. and the money is confirmed received by them and missing from my bank account.
what's up?
what's up?
Could be a variety of things based on the description from non-supported and you never answered the security question to you didn't insert a memo in the notes.
I tend to take screenshots throughout the process in case of an issue especially with large sends 2000-5000 looks like they changed it again send them copies of your e-mails from Quadriga confirming the exchange of sending of your balance to the account they provided a copy of that e-mail screenshots of your statement and bank deposit account information, then retry a ticket or bump it.
Within your online banking set up and execute an Interac e-Transfer payment using "BILLERFY LABS INC" as the recipient name and [email protected] as the email. Please include your QuadrigaCX client ID in the memo field (numbers only).
If you messed up the memo field ya your boned
IMPORTANT NOTE: PLEASE FOLLOW THE INSTRUCTIONS BELOW. FAILURE TO DO SO WILL RESULT IN SIGNIFICANT DELAYS (UP TO 90 DAYS) AND ADDITIONAL FEES! BY PROCEEDING, YOU AGREE TO FOLLOW THE INSTRUCTIONS BELOW AND AGREE TO ANY PRESCRIBED FEES FOR FAILING TO COMPLY WITH THE INSTRUCTIONS.
IF YOU INCLUDE ANYTHING OTHER THAN DIGITS, YOUR FUNDING WILL TAKE UP TO 90 DAYS TO PROCESS MANUALLY. FURTHERMORE A FEE OF $100 WILL BE LEVIED
That said its broken again ...
This option has been temporarily disabled until we can automate the process. We do not have an ETA. In the meantime, please use Electronic Funds transfer or Interac Online.
So maybe they opened it but didn't mean to but since your moneys already in solve it manually.
--
And e-mail withdrawal is ... no good
waited 48 hours for interac e transfer to be credited and then they cancelled and removed it from account funding history. no reply to support ticket. and the money is confirmed received by them and missing from my bank account.
what's up?
what's up?
The real issue is if I really want to contact support for those issues as I would rather wait out a timeout instead of having to search why a password doesn't work when it is correct after a few password fails to learn through a few kraken support tickets the account gets locked after a few failed tries.
Is that the deal? They might have said. I had put it down to the captcha that doesn't appear for several minutes, so you just assume its not coming and hit enter. Then it says incorrect password, so you try again. Then you change the pasword 6 times trying to make it work, then a captcha pops up. 10 days later you get a ticket response, with supremely unhelpful words on it. Until they fix their shit, I don't see how I can use their site, as I can't log in. Ever. Its a bullshit system, and has been for so long that it astounds me anyone can still use it. I hope they have someone reading this, but deep down I don't think they give a shit. Its been years, and its worse than ever.
Yep went to an archive ticket from the support there
Your account was locked because of too many failed login attempts. We've reset your login so you can now try again to access your account.
You appear to know your 2FA password as your last login would have been successful, so please try this again.
If you still need your 2FA to be reset let us know.
Here's an article from our support center that might be helpful:
https://support.kraken.com/hc/articles/201889308-I-can-t-log-into-my-account-
Update on QuadrigaCx it looks like there may be some thread lurkers after all they were able to fix their database problems from yesterday as deposits have been enabled with detailed warnings that if you goof up your going to need to wait quite some time three months for your deposits.
With all the new users I don't blame them for that can't cover for being stupid.
Interac e-Transfer Min $2,000CAD - Max $5,000CAD $10,000CAD Within 2 Business Days 2% + $5CAD required
(Status Enabled)
Funding - Interac e-Transfer
IMPORTANT NOTE: PLEASE FOLLOW THE INSTRUCTIONS BELOW. FAILURE TO DO SO WILL RESULT IN SIGNIFICANT DELAYS (UP TO 90 DAYS) AND ADDITIONAL FEES! BY PROCEEDING, YOU AGREE TO FOLLOW THE INSTRUCTIONS BELOW AND AGREE TO ANY PRESCRIBED FEES FOR FAILING TO COMPLY WITH THE INSTRUCTIONS.
QuadrigaCX Members are now able to fund their account with up to $5,000 CAD per transaction and $10,000 CAD per day via Interac e-Transfer (subject to limits imposed by banks and other financial institutions). To fund your account via Interac e-Transfer please follow these instructions:
Within your online banking set up and execute an Interac e-Transfer payment using "BILLERFY LABS INC" as the recipient name and [email protected] as the email. Please include your QuadrigaCX client ID in the memo field (numbers only).
IF YOU INCLUDE ANYTHING OTHER THAN DIGITS, YOUR FUNDING WILL TAKE UP TO 90 DAYS TO PROCESS MANUALLY. FURTHERMORE A FEE OF $100 WILL BE LEVIED
This funding option is using Interac's new auto-deposit system, therefore you will not need to provide a security question or answer when setting up the payment. If your bank requires a security question, it means they haven’t updated their systems yet to support the new "auto-deposit" function that Interac has recently introduced. As a result, you will not be able to use this funding method until your bank updates their systems.
Known supported banks include RBC, TD, BMO, Scotia, ATB and Affinity Credit Union.
The payment MUST come from an account/profile bearing your first and surname. The sending email must match the email address in your QuadrigaCX account. If sending from a business account, your QuadrigaCX account must be a verified business account bearing the same name.
AFTER submitting the payment, please complete the form at the bottom of this page.
Your funds will be added within 48 hours. Even if you receive an email from your bank stating that it has been received by us, it will still take up to 48 hrs.
Minimum and maximum limits are strictly enforced. Submitting transactions lower than the minimum will result in a $100 processing fee.
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Price wise for deposits in Quadrigacx only interac transfer beats that at 1.5% with a 750 limit coinsquare is at par for wealth users.
For Kraken someone will need to do the breakdown as haven't seen their funding page in ages finally Canadianbitcoins is 5% can be higher lower based on the stability.
So in general a competitive deposit rate at par with their field.
The real issue is if I really want to contact support for those issues as I would rather wait out a timeout instead of having to search why a password doesn't work when it is correct after a few password fails to learn through a few kraken support tickets the account gets locked after a few failed tries.
Is that the deal? They might have said. I had put it down to the captcha that doesn't appear for several minutes, so you just assume its not coming and hit enter. Then it says incorrect password, so you try again. Then you change the pasword 6 times trying to make it work, then a captcha pops up. 10 days later you get a ticket response, with supremely unhelpful words on it. Until they fix their shit, I don't see how I can use their site, as I can't log in. Ever. Its a bullshit system, and has been for so long that it astounds me anyone can still use it. I hope they have someone reading this, but deep down I don't think they give a shit. Its been years, and its worse than ever.
Anyone ever try coinsquare.io? Another Canadian option...
Haven't heard of them before (or didn't listen) but now I hear they are adding Monero, so I'll have to try them out once it's added. Curious about their OTC deal - sounded like they just execute on exchange on your behalf and charge you 1.5% for the privilege. I'll contact them when the time comes and see what's up, unless someone has experience...
Haven't heard of them before (or didn't listen) but now I hear they are adding Monero, so I'll have to try them out once it's added. Curious about their OTC deal - sounded like they just execute on exchange on your behalf and charge you 1.5% for the privilege. I'll contact them when the time comes and see what's up, unless someone has experience...
I had a talk with one of their CEO's the other day explorer and decided they would be a good place to test out, they have a fairly good grasp of the ecosystem and are moving towards ripple and other altcoins being part of their trading portfolios.
They sent me a BNN interview from a few days ago to explain their idea of what a Canadian exchange will evolve into overall I was convinced enough to give them a shot although it will take a while to compile all the documents again ah KYC/AML pains.
Good morning!
Just wanted to share with you the interview our CEO, Cole Diamond, on BNN. He explains exactly who and what Coinsquare is and answers several common questions regarding the digital-currency space.
https://www.bnn.ca/video/bitcoin-luring-more-investors-who-don-t-understand-cryptocurrencies-coinsquare-ceo~1294737
Back in 2018 three year update
Thanks for your views. I have had a somewhat different experience.
Some of the statements in your post makes it sound like you work there. Maybe they are quotes that you pasted in. In any case I hope someone who does work there reads some of the critical comments in this thread, so that hopefully they can improve.
I use both Quad and Kraken. Things do seem to work smoother at Quad, but things have been getting better at Kraken with recent updates, which are still on-going. And a lot of the problems are a result of the recent influx of new sign-ups( which maybe Quad has less of, making it less apt to get bogged down ). Apart from the slow-downs from overloads etc. I would say that technically, in terms of trading options, security features, and other functionality, that Kraken is a better site/organization. Much better than Virtex, which I was a member of since its start.
And there is one BIG problem with Quad that Kraken is much much better with: Customer support.
Kraken, in my dealings with them, has always been professional, responsive and courteous. They seem a lot more aware of how frustrating it can be for users when it comes to problems involving their money. The support staff at Quad seems just the opposite. Words like "childish" are what came to my mind as well.
I will continue to be a member of Quad but I find myself using Kraken more often if for no other reason than the peace of mind of knowing that if something does go wrong it will be taken care of as quickly and professionally as possible.
I do have criticisms and concerns about Kraken as well but this is a Quadriga thread so this isn't the place for that. I find that I can express those criticisms to Kraken directly without the fear of a petulant vindictive response.
I appreciate your points Portnoy when I sent a ticket to Kraken they typically responded within a few days.
I have been a bit mean to Kraken however I do get annoyed that a locked account is the result of a few failed password attempts instead of a timed reset since it requires a support ticket and a few e-mails to re-open the account again then you add in lag which is never a good combination.
The real issue is if I really want to contact support for those issues as I would rather wait out a timeout instead of having to search why a password doesn't work when it is correct after a few password fails to learn through a few kraken support tickets the account gets locked after a few failed tries.
For the fees and breakdown for Quadriga I just looked at the verified page I am sure the limits are the same for most users of the exchange unless they phoned Quadriga complained and did extra KYC verfication to change their limits.
They do leave a nice message on your trading screen whenever a deposit fee or limit is changed.
I can say for a fact I do not work for any of these exchanges just as user of their interfaces, I did read the Kraken post in December about their growing pains especially in the last month which is the same as other exchanges so hopefully in general they all get their ducks together.
When it came to cavirtex vs kraken though my own experience was cavirtex was the superior platform there was rarely downtime or issues the coins were cheaper than other exchanges since miners were in Canada now its Quadriga that has that edge, while the advanced features are great on kraken it seems more like a trade-off for performance once they fix the speed then it will really be the best of both worlds.
When they became a US based company and merged to become Kraken then things became more of a pain and they are still in the process of fixing that over time that said I also can't wait until decentralized exchanges are a better option.
I tend to bitch at most exchanges though based on user experience the only one that I really liked was Lightbox and Canadian Bitcoins as they tend to be more reliable.
Now I just came back to add a note on how Quadirga's interac deposit hits a maximum for daily volumes and needs to be replenished at a certain time in the day so if you say want to deposit at 5PM you may need to wait till 7PM for the wallet to have a new daily limit.
Plus they haven't fixed the Interac E-Transfer for months making it still difficult to use HODL lol.
Anyone ever try coinsquare.io? Another Canadian option...
Haven't heard of them before (or didn't listen) but now I hear they are adding Monero, so I'll have to try them out once it's added. Curious about their OTC deal - sounded like they just execute on exchange on your behalf and charge you 1.5% for the privilege. I'll contact them when the time comes and see what's up, unless someone has experience...
Haven't heard of them before (or didn't listen) but now I hear they are adding Monero, so I'll have to try them out once it's added. Curious about their OTC deal - sounded like they just execute on exchange on your behalf and charge you 1.5% for the privilege. I'll contact them when the time comes and see what's up, unless someone has experience...
Let's see what 2018 brings us.
Yes. I am going to start looking more deeply into decentralized exchanges with increased user control and privacy.
Bisq... Hodl Hodl...
I hope more are on the way for the new year.
Back in 2018 three year update
Thanks for your views. I have had a somewhat different experience.
Some of the statements in your post makes it sound like you work there. Maybe they are quotes that you pasted in. In any case I hope someone who does work there reads some of the critical comments in this thread, so that hopefully they can improve.
I use both Quad and Kraken. Things do seem to work smoother at Quad, but things have been getting better at Kraken with recent updates, which are still on-going. And a lot of the problems are a result of the recent influx of new sign-ups( which maybe Quad has less of, making it less apt to get bogged down ). Apart from the slow-downs from overloads etc. I would say that technically, in terms of trading options, security features, and other functionality, that Kraken is a better site/organization. Much better than Virtex, which I was a member of since its start.
And there is one BIG problem with Quad that Kraken is much much better with: Customer support.
Consider this comment from a few posts back. I have heard this from others and have experienced it, to a certain extent, myself:
STAY AWAY FROM THESE UMMATURE CHILDISH people trying to manage an exhange-
Can't take an inquiry or any comment that is a sniff negative without Getting childishly defensive and Suspending that user's account and freezing their funds-
RUN
Can't take an inquiry or any comment that is a sniff negative without Getting childishly defensive and Suspending that user's account and freezing their funds-
RUN
Kraken, in my dealings with them, has always been professional, responsive and courteous. They seem a lot more aware of how frustrating it can be for users when it comes to problems involving their money. The support staff at Quad seems just the opposite. Words like "childish" are what came to my mind as well.
I will continue to be a member of Quad but I find myself using Kraken more often if for no other reason than the peace of mind of knowing that if something does go wrong it will be taken care of as quickly and professionally as possible.
I do have criticisms and concerns about Kraken as well but this is a Quadriga thread so this isn't the place for that. I find that I can express those criticisms to Kraken directly without the fear of a petulant vindictive response.
Kraken is unusable. I was unable to log in at all last year, went through many hour long+ sessions of resetting passwords etc and endless captchas at blinding dial-up speeds, all ending in failure. They need a new toaster, plain and simple.
Quadriga has always functioned for me in and out, though the funding and withdrawal merry-go-round of banks and options and fees gets old, not to mention the average 2 week transactions. I understand that is Banks, not the exchange, but, fuck it, you know? why bother with the hassle when Bitstamp is faster both ways, cheaper, and has far better liquidity. Let's see what 2018 brings us.
Back in 2018 three year update
Thanks for your views. I have had a somewhat different experience.
Some of the statements in your post makes it sound like you work there. Maybe they are quotes that you pasted in. In any case I hope someone who does work there reads some of the critical comments in this thread, so that hopefully they can improve.
I use both Quad and Kraken. Things do seem to work smoother at Quad, but things have been getting better at Kraken with recent updates, which are still on-going. And a lot of the problems are a result of the recent influx of new sign-ups( which maybe Quad has less of, making it less apt to get bogged down ). Apart from the slow-downs from overloads etc. I would say that technically, in terms of trading options, security features, and other functionality, that Kraken is a better site/organization. Much better than Virtex, which I was a member of since its start.
And there is one BIG problem with Quad that Kraken is much much better with: Customer support.
Consider this comment from a few posts back. I have heard this from others and have experienced it, to a certain extent, myself:
STAY AWAY FROM THESE UMMATURE CHILDISH people trying to manage an exhange-
Can't take an inquiry or any comment that is a sniff negative without Getting childishly defensive and Suspending that user's account and freezing their funds-
RUN
Can't take an inquiry or any comment that is a sniff negative without Getting childishly defensive and Suspending that user's account and freezing their funds-
RUN
Kraken, in my dealings with them, has always been professional, responsive and courteous. They seem a lot more aware of how frustrating it can be for users when it comes to problems involving their money. The support staff at Quad seems just the opposite. Words like "childish" are what came to my mind as well.
I will continue to be a member of Quad but I find myself using Kraken more often if for no other reason than the peace of mind of knowing that if something does go wrong it will be taken care of as quickly and professionally as possible.
I do have criticisms and concerns about Kraken as well but this is a Quadriga thread so this isn't the place for that. I find that I can express those criticisms to Kraken directly without the fear of a petulant vindictive response.
Back in 2018 three year update
I have used Quadriga the exchange seems to work the plus is that it's a lot more functional than Kraken ever is.
A user can deposit and not lock the account after a few password attempts and need to open a new support ticket to unlock it again .... when that site lags like heck all the time and people thought cavirtex was a pain Kraken is worse if its not a 520 its a bug then a lock account cause the server is performing so poorly it can't even log you in growing pains plus being cheap on servers means Kraken sucks.
Back to Quadrigacx
When the limits are reasonable and they did those weird Poland and Hong Kong wires it is a functional exchange, it is usable now at a dripping pace of deposits my experience is limited to only loading onto the exchange and sending crypto away I have not used the deposit to bank account side.
Canadian Deposits
Interac e-Transfer
This option has been temporarily disabled until we can automate the process. We do not have an ETA. In the meantime, please use Electronic Funds transfer or Interac Online.
Until that is resolved the exchange is only recommended for small deposits you literally have to drip in 750 CAD every 24 hours on the dot for a month to get a decent sum in which sucks for those who want to buy or purchase coins in a timely manner.
Now the minimum wire is $100,000 dollars where it was a reasonable amount before.
IMPORTANT: 3rd party fundings are NOT permitted. Funds must be sent from an account where the name matches the verified name within your QuadrigaCX profile. If you are sending from a business account that you didn't complete verification for then you must first open a ticket, attaching your Articles of Incorporation asking us to update your account. The minimum amount for this funding method is $100,000 CAD. If you send less than $100,000 the funds will be retained for up to 30 days and returned minus a 10% administration fee.
If you use US banking you can attempt to bypass it haven't tested it however it might be a functional solution.
While it is a pain Interac does work promptly at a 1.5% fee and cap of 750 CAD a day it is instant which makes it usable if your patiently building.
If you want more than $750 a day you can add in one EFT a week which is processed within 5 Business Days allowing up to 6000 CAD as the upper limit of deposits a week minus fees (78.75+18.75) or 5902.50 CAD Dollars a week.
I did do my one test wire in the past and having to send it to Poland was amusing since the local bank branch was like this is sketch and I offered to pay their service charge and they still were not smart enough to do it.
After telling the bankers off for not knowing how to do a wire I did it at home took 5 mins with online banking and recieved the funds with ease taking screenshots at every step of the process and then attaching them to the upload and making sure they damn saw those numbers lol.
Overall the exchange won't crash every 5 mins only ever saw it peak load once over my use during a LTC rally other than that its a usable if really small pond exchange.
(Regarding the Cryptocapital option never used it don't think I want to use it and would need more opinions on that option seems like a trap)
I have used Quadriga the exchange seems to work the plus is that it's a lot more functional than Kraken ever is.
A user can deposit and not lock the account after a few password attempts and need to open a new support ticket to unlock it again .... when that site lags like heck all the time and people thought cavirtex was a pain Kraken is worse if its not a 520 its a bug then a lock account cause the server is performing so poorly it can't even log you in growing pains plus being cheap on servers means Kraken sucks.
Back to Quadrigacx
When the limits are reasonable and they did those weird Poland and Hong Kong wires it is a functional exchange, it is usable now at a dripping pace of deposits my experience is limited to only loading onto the exchange and sending crypto away I have not used the deposit to bank account side.
Canadian Deposits
Interac e-Transfer
This option has been temporarily disabled until we can automate the process. We do not have an ETA. In the meantime, please use Electronic Funds transfer or Interac Online.
Until that is resolved the exchange is only recommended for small deposits you literally have to drip in 750 CAD every 24 hours on the dot for a month to get a decent sum in which sucks for those who want to buy or purchase coins in a timely manner.
Now the minimum wire is $100,000 dollars where it was a reasonable amount before.
IMPORTANT: 3rd party fundings are NOT permitted. Funds must be sent from an account where the name matches the verified name within your QuadrigaCX profile. If you are sending from a business account that you didn't complete verification for then you must first open a ticket, attaching your Articles of Incorporation asking us to update your account. The minimum amount for this funding method is $100,000 CAD. If you send less than $100,000 the funds will be retained for up to 30 days and returned minus a 10% administration fee.
If you use US banking you can attempt to bypass it haven't tested it however it might be a functional solution.
While it is a pain Interac does work promptly at a 1.5% fee and cap of 750 CAD a day it is instant which makes it usable if your patiently building.
If you want more than $750 a day you can add in one EFT a week which is processed within 5 Business Days allowing up to 6000 CAD as the upper limit of deposits a week minus fees (78.75+18.75) or 5902.50 CAD Dollars a week.
I did do my one test wire in the past and having to send it to Poland was amusing since the local bank branch was like this is sketch and I offered to pay their service charge and they still were not smart enough to do it.
After telling the bankers off for not knowing how to do a wire I did it at home took 5 mins with online banking and recieved the funds with ease taking screenshots at every step of the process and then attaching them to the upload and making sure they damn saw those numbers lol.
Overall the exchange won't crash every 5 mins only ever saw it peak load once over my use during a LTC rally other than that its a usable if really small pond exchange.
(Regarding the Cryptocapital option never used it don't think I want to use it and would need more opinions on that option seems like a trap)
I`m Having HUGE problems with withdrawls, and when contacting them, they just give you the run around about delays etc, it`s been over 2 weeks since i asked for a 2000$ EFT transfers and still waiting, this is the fourth transfer i do, and had problems with 3 of them. i will be looking for an alternative for the future.
ive done about a dozen ETF withdrawals, and it does take about 2 week on average - and works every time.
How can ETH transactions with more than 100 confirmations on the blockchain show as pending and with 1 confirmation on QuadrigaCX!? It happened before and nobody says anything, no post anywhere to let people know there is a problem and that it is being worked on, etc. Really puzzling...
STAY AWAY FROM THESE UMMATURE CHILDISH people trying to manage an exhange-
Can't take an inquiry or any comment that is a sniff negative without Getting childishly defensive and Suspending that user's account and freezing their funds-
RUN
Can't take an inquiry or any comment that is a sniff negative without Getting childishly defensive and Suspending that user's account and freezing their funds-
RUN
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