Changpeng Zhao commented on CoinEx’s shutdown notice by saying that, in this bear market, several platforms that have recently closed at least allowed users to withdraw their assets. He contrasted that outcome with what he called a "QuadrigaCX-style" ending from an earlier cycle. According to Foresight News, QuadrigaCX, a Canadian crypto exchange, halted operations in 2019 and became a negative industry case after failing to repay customer funds. About 76,000 customers were owed roughly C$215 million in assets. The bankruptcy trustee later recovered about C$46 million, leaving customers with aggregate losses of at least C$169 million. Zhao’s remark focused on the difference in how user asset withdrawals were handled, rather than adding any new details about CoinEx beyond the shutdown-related notice he reposted.
Changpeng Zhao reposted a notice related to CoinEx’s shutdown and said that, in the current bear market, several platforms that have recently closed at least allowed users to withdraw their assets. He contrasted that with what he described as a "QuadrigaCX-style" ending seen in an earlier cycle.
CZ points to withdrawal access at recently closed platforms
According to Foresight News, Zhao made the comment while reposting the CoinEx shutdown-related statement. His post drew a distinction between recent closures that still permitted withdrawals and a past case that ended with unrecoverable customer funds.
QuadrigaCX cited as a past industry failure
Foresight News noted that QuadrigaCX, a Canadian crypto exchange, announced it was ceasing operations in 2019. The platform later became a negative case for the industry after it was unable to repay customer funds.
In the QuadrigaCX case, about 76,000 customers were owed roughly C$215 million in assets, according to Foresight News. A bankruptcy trustee later recovered about C$46 million, leaving customers with total losses of at least C$169 million.
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