QuadrigaCX, The Troubled Crypto Exchange Goes Offline for ‘Maintenance’

by | Jan 29, 2019 | Cryptocurrency, Cryptocurrency News

QuadrigaCX | Cryptocurrency Exchange | Offline

The much-troubled crypto exchange, QuadrigaCX has been inaccessible for several hours, months after its consumers haven’t been able to withdraw funds.

The Canadian company, who claims that its CEO and Founder died last month has been facing a prolonged banking fight. It blames a  system upgrade for the Monday outage and it isn’t clear when will the exchange would go back online.

Any updates regarding the same haven’t been posted on the firms official Twitter or Reddit pages, though users have been complaining about issues accessing the platform throughout the day.

The status message of  the website appears to be fluid and 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.

The issues

QuadrigaCX stated on social media and through emails sent to customers earlier this month, that the firm is making progress in regards to returning their money. As the legal fight with the Canadian Imperial Bank of Commerce (CIBC) for freezing the funds held by the exchange’s payment processor is resolved.

But these messages have been of no value as messages on Reddit Monday indicate that customers continue to have issues withdrawing their funds. On January 15, an email sent by interim CEO Aaron Matthews stated the exchange would work to return customer funds “within two weeks”, a period that ends tomorrow.

However, Jose Reyes, the 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.

Read more: In Just Under 15 Minutes, BitTorrent Tokens Were Sold Out Netting Over $7 Million

Arshmeet Hora

The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.”  Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.

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