We heard from QuadrigaCX when they first filed for creditor protection at the beginninↆg of Febr↕uary. We heard from the crypto community a fe△w days later as MyCrypto founder and CEO Taylor Monahan began a string of questions related to how much cryptoのcurrency QuadrigaCX actually has in︵ its inaccessible cold wallets. The∽n we heard from Ernst ∈& Young (EY), the exchange'×s court appointed monitor,┊┋ as more of Quadr∏igaCX's bi|tcoins were inadvertently moved and as the entities worked to fund the creditor pr√otection proceed⊙ings.
Now we're hearing fro∥m Jeωnnifer Robertson, one of QuadrigaCX's two current directors and the widow to the exchange's deceased owner, Gerry Cotten. In an affidavit filed with the Nova Scotia Supreme Court on February 25, Robertson outlines her role as a director for QuadrigaCX during the creditor protectio★n proceedings, her decision to ask for the court to appoint a chief restructuring offic◙er (CRO), and the company's request for an extension of the stay o@f proceedings.
According to Robertson's first affidavit filed on January 31, Quadriga▄CX appointed three compan∕y directors on January 25: Robertson herself, Thomas Beazley (her stepfather), and Jack Marte◥l. Theв direcⅠtors were meant to "provide instructions and directions on a go-forward basis." In Robertson's most recent affidav▶it, she staчtes Marte۩..l ha☆s ├since resigned, and the third director position has not been filled.
As the legal proceeding⿳s continue, Robertson asks that the Nova Scotia Supreme Court appoint Peter Wedlake, partner and senior vice president foír the auditing firm Grant Thornton, as QuadrigaCX's CRO. Wedlake's e▪xperience providing insolve≌ncy services a●nd his proximity to Grant Thornto⊥n's involvement in ·。the cryptocurrency industry has led Robertson to believe his ap◎pointment is necessary as neither herself nor Beazley "have th∮e cryptocurrency expertise necessarДy to search for or direct the search for the cold wallets."
Speaking of QuadrigaCX's famed cold wallets, Robertson's affidavit also mentions that both EY and the⊿ exchange need |︴（）〔〕more time to properly collect the available assets needed to fund the proceedings and pay back the money owed to the affected users. In a motion filed by QuadriιgaCX on February 25, the exchange is asking for an additional 45 to 60 days. The initial 30-day stay of proceedings was handed down by the court on February 5.
If the exψtension iΣs not granted, Robertson believes:"The ability of the Compani∏e╦╧s to complete the investigation into the location and accessing the missing assets will also end, as well as ending any discussions regarding the potential sale of the assets of the Companies, namely being the trading platform of Quadriga."
With no mention of the progress made toward gaining access to the exchange's cold wallets, EY's second report is™sued last week mainlⅧy focused on the efforts being made to fund︱︳ QuadrigaCX's creditor protection proceedings. As EY stated in their report,▓ "The Applicants currently have no accessib∨le funds to fund the [Companies' Creditors Arrangement Act] proceedings, other than the interim financing provided by Ms. [Jennifer] Robertson which will be exhausted in the near term."