Coinbase Pro announced on Wednesday that it is now accepting deposits of Stellar Lumens (XLM). Trading support will come after enough liquidity is achieved. Per the report, the process will approximately take 12 hours. The digital currency isn’t available on Coinbase’s retail platforms yet.
Stellar (XLM) Price Today – XLM / USD
| Name | Price |
|---|---|
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QuadrigaCX Saga: Deceased CEO Mixed His Own Cash with That of the Crypto Exchange
According to the widow of QuadrigaCX’s deceased CEO and founder, Gerald Cotten reportedly used his personal funds to make creditors whole in a legal issue with a bank.
Cotten’s wife, Jennifer Robertson, who became the executor of his estate after he kicked the bucket, said via a statement that her late husband told her he personal funds into the exchange. According to Robertson, Cotten did this when the CIBC (Canadian Imperial Bank of Commerce) froze its fiat holdings last year over questions about the origin of the funds.
Roberston said law firm, Stewart McKelvey would withdraw from representing Quadriga due to an unspecified conflict of interests with the court-appointed monitor EY (Ernst & Young).
According to Robertson:
“I have been advised by law office Stewart McKelvey following concerns about a potential conflict of interest raised because of information given to the Monitor since the CCAA process started. This has made Stewart McKelvey to withdraw from representing QuadrigaCX in the CCAA process.”
From the statement, it can be deduced that details of the information from the Monitor haven’t been disclosed to Roberston.
XLM/USD Gained 30% in the Last Four Days
The price of Stellar Lumens against the USD has increased by 30% over the last four days. 5% of this price gain reportedly came after Coinbase Pro announced that it had listed the asset class on Wednesday. As of press time based on data provided by CoinDesk the digital asset was trading at $0.11.
Stellar is number 12 among the most-traded cryptos in the last 24 hours. It has accumulated $140 billion in trade volume to this day.
What’s the Update on Creditor Missing Funds?
In January of this year Quadriga filed for creditor protection. The exchange claimed that after it’s CEO died, it couldn’t access $140 million in crypto, which made it unable to send funds to 115,000 creditors.
The Supreme Court of Nova Scotia Supreme appointed EY to serve as a monitor for QuadrigaCX. This has allowed Ernst & Young to oversee and facilitate the exchange’s efforts to recoup its missing funds.
So far the Monitor has announced that, while trying to secure Quadriga’s fiat holdings from multiple third-party payment processors, it hasn’t located any major funds apart from a fractional amount.
Six bitcoin cold wallet addresses used by QuadrigaCX were found empty. This has raised concerns and made many questions whether QuadrigaCX actually has any of the missing funds.
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Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.
