Genesis Requests Timetable for Sale, Creditor Claims – CoinDesk

The blockchain-focused firm Genesis Global Trading is reportedly requesting a timeline for the sale of its secured creditor claims, in accordance with the recent bankruptcy filing of the cryptocurrency exchange QuadrigaCX.

Sources familiar with the matter have informed CoinDesk that Genesis Global Trading is requesting a timeline for the sale of its secured creditor claims against QuadrigaCX. The filing was reportedly issued on March 15, 2019.

This request is said to follow the recent bankruptcy filing of QuadrigaCX, a Canadian-based cryptocurrency exchange that has been in the midst of severe financial turbulence since December 2018. The exchange’s founder, Gerald Cotten, passed away in December 2018, leaving the exchange without access to the majority of its funds.

QuadrigaCX has since been mired in legal uncertainty. The recent bankruptcy filing was made in an effort to secure a court-appointed monitor to oversee the exchange’s affairs and provide an inventory of its assets and liabilities.

However, the bankruptcy filing has left the exchange’s creditors and users with a myriad of unanswered questions, including the status of the exchange’s funds.

In response to the current situation, Genesis Global Trading is said to have issued a request for a timeline for the sale of its secured creditor claims against QuadrigaCX.

The request is reportedly intended to provide creditors and users with clarity regarding the status of the exchange’s funds. However, no official announcement regarding the request has been made at this time.

It remains to be seen whether or not the request will be granted. If granted, it would likely provide creditors and users with a clearer understanding of the exchange’s current financial situation and the likelihood of funds being recovered.

Genesis Global Trading, an over-the-counter (OTC) crypto trading firm, is reportedly demanding a schedule for the liquidation of its secured creditor claims against QuadrigaCX, as directed by the latter’s recent bankruptcy filing. Anonymous sources have informed CoinDesk that the filing was made on March 15, 2019.

The circumstances surrounding QuadrigaCX, a Canadian-based cryptocurrency exchange, have been shrouded in uncertainty since the passing of its founder, Gerald Cotten, in December 2018. The exchange’s inability to access the majority of its funds has led to a number of legal hurdles and the need for a court-appointed monitor to provide an inventory of its assets and liabilities.

As a result, Genesis Global Trading is requesting a timeline for the sale of its secured creditor claims against QuadrigaCX. This request aims to bring clarity to the exchange’s current financial state, as well as the prospects of recovering funds. However, no official announcement has been made regarding the request. Should the request be granted, it could potentially shed light on the situation and the chances of funds being recovered.