The Canadian government has demanded access to all the personal details of the users of QuadrigaCX, a Canada based cryptocurrency company that is no more in operation. The demand for the accession of the data is recorded in a court document filed with the Ontario Superior Court of Justice on 24 March. The collected information and the data about all the users of this particular company are to be submitted to the Canadian Revenue Agency (CRA).
Canadian Government’s Wish to do Away with the Mayhem
The Canadian government’s demand to gather all the personal data of the users of the crypto company is solely directed towards a philanthropist motive of distributing the money among the users, expeditiously.
The personal details of the users would be inclusive of the users’ bank balance details, and mostly transaction histories the timeline being 2016-2018. An E-discovery database will then be created on the basis of all the personal information in response to CRA production.
The Reaction of the Firm
Miller Thompson, the court-appointed firm representative, addressing its users has informed that the firm has decided to abide by the wishes of CRA in order to resolve every kind of dispute which has emerged because of the dissolution of the crypto firm.
The Disappointment of the Creditor’s Committee
On the agreement to hand over all the personal details of the users to the CRA, the creditor’s committee expressed their disappointment reasoning that handing over the personal details to CRA is an infringement of the privacy concerns of the users. It is skeptical of the philanthropic motives of the agency and doubts that the data will be used to calculate tax liabilities.
The Downfall of QuadrigaCX
Established in 2013, QuadrigaCX was a leading crypto exchange company in Canada. After being trapped into a quagmire in 2018 when it could no longer function, its transactions froze which marked its downfall.