Crypto Drops; QuadrigaCX Officially Declares Bankrupt By Investing.com

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Crypto Drops; QuadrigaCX Officially Declares Bankrupt

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Investing.com - Major cryptocurrencies dropped on Tuesday morning in Asia, with the market cap staying at around $181 billion.

Bitcoin dropped 1.05% to $5,185.1 by 12:08 PM ET (04:08 AM GMT), after reaching as high as $5,299.4 the day before.

Ethereum lost 2.64% to $175.89, XRP slid 3.29% to $0.34981 and Litecoin shed 5.95% to $85.874.

QuadrigaCX, one of Canada’s biggest crypto exchanges, was officially declared bankrupt after the court monitor Ernst & Young recommended that this should be the case earlier this month. Ernst & Young will be granted enhanced investigative powers as a trustee under the federal Bankruptcy and Insolvency Act.

The crypto exchange is said to be owing 115,000 users more than $260 million in cash and cryptocurrencies, including Bitcoin and Ethereum.

After its founder Gerald Cotton suddenly died in India last year, the crypto exchange was not able to access the money locked in the cold wallets as Cotton was the only person who held the passcodes.

Elsewhere, Lithuania’s Ministry of Finance proposed legal amendments for operating crypto-related businesses.

The move aims to bring more legal certainty to the operation of companies relating to crypto exchanges, crypto wallet operators and initial coin offerings. The financial regulators also plan to introduce requirements to ensure effective prevention of money-laundering and terrorism funding.

"We want to create a transparent legal environment for virtual currency exchanges, depository wallet operators and ICO initiators. We also want to contribute to ensuring better consumer protection," said Sigitas Mitkus, director of the Finance Ministry's financial market policy department.

Clients’ identity will be checked before they receive services if the operation value exceeds 1,000 euros. The move means Lithuania could become the world’s first country to implement recommendations of the Financial Action Task Force.

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