Canadian Court Takes Custody of Crypto Exchange’s Frozen Funds

The Ontario Superior Court of Justice has recently moved to take custody of a large sum of assets from a crypto exchange currently frozen in accounts at the Canadian Imperial Bank of Commerce (CIBC). According to a recent court document, the CIBC had frozen several accounts of some disputed assets at the crypto exchange QuadrigaCX, including $25.7 million CAD and $69,000 USD. The bank was allegedly unable to identify who the exact owner of these accounts was along with millions that were deposited by the exchange’s various clients, so it…

Court Takes Control of Funds Amid Crypto Exchange’s Banking Dispute

A Canadian court is taking charge of $26 million CAD claimed by crypto exchange QuadrigaCX due to a dispute over the funds’ provenance. Judge Glenn Hainey of the Ontario Superior Court of Justice granted the Canadian Imperial Bank of Commerce (CIBC) an interpleader order on Nov. 9, allowing the court to take control of the funds until their ownership can be established. However, the bank will maintain liability for the funds, given that CIBC froze the funds on its own initiative. An interpleader right occurs when at least two parties claim the…

Tether’s New Banking Partner Deltec Suspected of Accepting Laundered Funds

Brazilian law enforcement has solicited the help of Bahamian authorities to investigate suspicious transactions to Deltec Bank & Trust – the recently-announced new banking partner of controversial stablecoin Tether (USDT) – major Brazilian newspaper O Globo reports Nov. 6. As per the report, the Federal Public Prosecutor’s Office in São Paulo is on the trail of Paulo Vieira de Souza, a former director of the São Paulo road infrastructure company DERSA. De Souza is currently being prosecuted for bribery in the infamous Odebrecht case, characterized by the U.S. government as…