In just a matter of weeks, the demise of one of the largest Bitcoin (BTC) trading platforms in Canada – QuadrigaCX – has gotten to the front pages of several mainstream media outlets all over the world. Fox Business, Reuters, and Bloomberg are some of the top recognized news outlets that have covered this ignominious failure.
While the coverage of the demise of this trading platform has brought things that should be known to light, not much attention is being given to those that are affected. According to reports, more than 115,000 users were affected. Some of the users lost close-to-zero in funds, while some others lost their life savings.
Recently, Bloomberg had an interview with one of the clients of the trading platform. The client is from Canada, and he lives in the same city where the headquarters of the trading platform is situated. The story of the man is very sad, as he lost all his life savings worth hundreds of thousands of dollars.
BTC Investor Loses Life Savings to the Demise of QuadrigaCX
Unfortunately, the case of the trading platform has not been without its victims. In the interview Bloomberg had with one of the victims of the platform – Tong Zou – the victim, narrated his story. The victim, who is over 30 years of age, is a Canadian software engineer that holds a wide range of developing stints (Spiget, BitTorrent, Walmart, etc.) in Silicon Valley.
Zou moved to Vancouver a couple of months ago in search of something new. As expected, he sought to move his savings, which was valued at more than $400k in accounts of American financial institutions. While it is mandatory to make such a move, especially for someone that is looking to start afresh in his own home country, the victim chose an unusual route.
The route he chose was to buy Bitcoin (BTC) on American trading platforms, before moving the digital currency holdings over to Canadian trading platforms for subsequent liquidation. Like several other newbies in the Canadian digital currency space, Zou was attracted by QuadrigaCX, determining that the Canadian-based trading platform was the best platform for him to use.
Perhaps, he thought he could visit the offices of the trading platform is things go south. Zou deposited his Bitcoin (BTC), the majority of his liquid assets, and liquidated the digital currency for 560,000 Canadian dollars. Zou issued a request for withdrawal when he needed the fund for a deposit on a Vancouver property. However, the trading platform failed to pay its dues, leaving Zou handing for months.
Zou said: “I was not using it for trading – I just want to move my money over to my Canadian bank account. What I didn’t know was that my withdrawal would be incomplete or pending and it never got deposited in my bank account. I’ve been waiting for months so far.”
While online hearsay shows that users got their withdrawals, eventually, the sudden closure of the trading platform likely put a nail in the coffin for Zou. Zou is presently coordinating class-action efforts with other victims of the circumstance. According to reports, they have turned to Bennet Jones LLP and Mcinnes Cooper.
Bitcoin (BTC) Price Today – BTC / USD
At the time of writing, Bitcoin (BTC) is trading at $3,695 after an increase of about one percent over the past twenty-four hours. The current market cap of the digital currency is $63.66 billion and its trading volume over the past twenty-four hours is $5.28 billion.