As per a recent news correspondence, a lawyer has been appointed by a Nova Scotia’s court in Canada to have access to the encrypted laptop of the deceased CEO, Gerald Cotton of QuadrigaCX, which is a major Canadian crypto exchange. The laptop which is believed to provide access to $190 million of QuadrigaCX customer funds has been currently handed over to someone for monitoring. The Court has appointed a monitor, Ernst & Young Inc., an independent third party to oversee these proceedings, so that customer obligations are addressed. Even, creditor protection has been filed which would allow to work diligently through the process and ensure the viability of the company. The laptop was previously held by QuadrigaCX representatives.

QuadrigaCX which is a cryptocurrency exchange, or a digital currency exchange (DCE) provides its customers services for the exchange of virtual currency into various assets, such as fiat or other digital currencies. The platforms usually work solely online, providing transactions in electronic forms and taking fees for them, though there are also some brick-and-mortar businesses that use traditional payment methods. Debit and credit cards, postal money orders and other kinds of money transfers are accepted to make an operation using a DCE.

Currently, the assets are stored in a cold wallet, and the court believes this QuadrigaCX case is not a case of typical bankruptcy. The creditors have the rights to consider changing the jurisdiction to proceed with the case in future.

This week the company has been asked by the court to appoint one of the ‘Big Four’ auditing firm, the Ernst & Young as an independent third party to follow up and monitor the proceedings. Ernst & Young (EY) which is a British auditing and consulting company would be following up the company financials. In terms of cryptocurrency, EY representatives have a positive attitude toward the technologies of blockchain and digital currency. Unlike the other three companies in the Big Four, EY supports the Bitcoin community.

The QuadrigaCX management has asked for a month of stay for proceedings which is expected to end on Mar. 7. The investigation team would be searching almost $190 million which is apparently inaccessible following the death of Cotton. In the worst scenario, if the missing keys are not found, the lawyers representing QuadrigaCX would be looking forward to selling the company to satisfy the debts.

Recently, QuadrigaCX which is a Canadian cryptocurrency exchange had to face financial difficulty since the death of the CEO, Gerald Cotten who reportedly died of complications from Crohn’s disease.

One of the leading publications in Canada has published the death certificate and have expressed their concerns about Cotten’s death. The users do not have access to its wallets, and the CEO has not left evidence of passwords.

A report published by Markets Insider reveals that Nvidia has earned a whopping $1.95 billion in revenue via its crypto business. However, the official financial statement of the company has claimed a crypto-related revenue of $602 million. RBC analyst, Mitch Steves, told that the actual number is at least three times higher.

“We think NVDA generated $1.95 billion in total revenue related to the crypto/blockchain. This compares to company’s statement that it generated around $602 million over the same period,” Steves alleged.

During the third quarter of 2018, Nvidia chief financial officer Colette Kress said to its investors to not expect any revenue from its crypto business. And at the time, the company’s shutdown of its cryptocurrency venture caused a decline in its stock price.

In August, Kress said, “We believe we’ve reached a normal period as we’re looking forward to essentially no cryptocurrency as we move forward. Our revenue outlook had anticipated cryptocurrency-specific products declining to approximately $100 million, while actual crypto-specific product revenue was $18 million, and we now expect a negligible contribution is going forward.”

During the past five months, however, a majority of analysts have associated the decline in the performance of the company to the 85 percent fall of the cryptocurrency market.

Nvidia CFO Colette Kress has emphasized in August that it pulled out of the crypto sector. Now, the narrative that the correction in the cryptocurrency market is hurting the firm’s numbers has elevated.

RBC recently published a report that revealed that the company’s ties with the crypto market are deeper than how they were initially presented late in 2019. RBC analyst Mitch Steves added that the revenue Nvidia generated from its crypto mining equipment manufacturing business from April 2017 to July 2018. The revenue is ascertained to be over $2.75 billion.

However, Steves suggested that the numbers cannot be fully confirmed and that Nvidia has 75 percent control over the GPU-related crypto mining market. Between January 25 to January 29, the stock price of Nvidia fell from $160.15 to $131.6, which is more than 18 percent. Such a large short-term drop in market valuation is unprecedented. However, throughout the past month, analysts claimed that the overall decline in demand for Nvidia’s gaming GPUs affected the firm’s performance negatively rather than the struggling crypto market.

In another report by the Motley Fool, it was alleged that gamers are not compelled to purchase Nvidia’s high-performance GPUs because of three factors:

• Most popular PC games are not graphically intensive
• New GPUs do not have killer features
• Gamers are not upgrading GPUs as frequently as before

A games, esports, and mobile market research firm, Newzoo, mentioned that the most sought out GPUs in the market are the GTX 1060, GTX 1050 Ti, and GTX 1070.

Nvidia challenged AMD, a graphics card manufacturer, in taking control of the low-end GPU market. Nvidia was successful in doing so, and this led to an overall decline in demand for high-end and expensive GPUs, a market where Nvidia is claimed to dominate.

It seems that the struggle of graphics card manufacturers has not been exclusive to Nvidia alone. Even AMD and smaller GPU makers have displayed poor performance throughout the last quarter of 2018.

Nvidia first started to show signs of underperformance in December 2018. During this period, CNBC Mad Money host Jim Cramer claimed that it was a forecasting mistake that caused Nvidia’s stock to drop rather than variables like the crypto market.

“Nvidia still makes the best graphics chips, which have become more powerful than traditional microprocessors. It still has a lead over the competition in a lot of uses, although you could argue that AMD’s catching up to them in the data center while Intel rivals them in self-driving vehicles. I think Nvidia made an honest forecasting mistake, although given that some of us saw it coming, it was definitely an avoidable mistake,” Cramer added.

Chinese tech giant Huawei’s chief executive has been charged with criminal charges for stealing trade secrets, misleading banks about its business and violating U.S. sanctions.

Huawei entirely denied committing any violation mentioned in the indictment. These charges were announced just before a critical two-day round of trade talks between China and the United States. Many trade analysts believe that these allegations could potentially dim the prospects for a breakthrough.

The tech giant has been accused of using paramount efforts to steal trade secrets from American businesses which include an attempt to remove a piece of a robot from T-mobile lab. The charged chief financial officer, Meng Wanzhou, was arrested in Canada last month, and the U.S. government is trying to deport her

Meng’s lawyer in Canada didn’t respond immediately to messages that seek comment. As of now, Meng is out on bail in Vancouver, and her case is said to be due back in court on Tuesday

Huawei is considered to be the world’s biggest supplier of network gear that is being used by phone and internet companies. The company has always been seen as a front for spying by the Chinese security services.

After the charges has been filed the company released a public statement saying “The company denies that it or its subsidiary or affiliate have committed any of the asserted violations of U.S. law set forth in each of the indictments,” it also added that Huawei is “not aware of any wrongdoing by Ms. Meng, and believes the U.S. courts will ultimately reach the same conclusion.”

On the other hand, China detained two Canadians soon after Meng’s arrest in an obvious attempt to pressure Canada for the release of Ms. Meng.

The Prosecutors who are handling Ms. Meng’s case say that Huawei was doing business in Iran through a Hong-Kong based company called Skycom and Meng has misled U.S. banks into believing that these two companies were separate.

Officials also claim that from the beginning of 2012, Huawei had created a plan to steal all information regarding T-Mobile’s robot, named “Tappy,” and the Huawei engineers clicked pictures of the robot, measured it and even tried to steal a part of it from T-Mobile’s laboratory in Washington state. When asked about the same to T-Mobile they declined to comment on the matter.

At a news conference with Attorney General, Matt Whitaker along with his cabinet officials commented: “As I told high-level Chinese law enforcement officials in August, we need more law enforcement cooperation with China, China should be concerned about criminal activities by Chinese companies, and China should take action.”

This case has set off diplomatic ruffle among the United States, China, and Canada. President Donald Trump commented that he would get involved in the Huawei case if it can help create a trade agreement with China. Eswar Prasad, an economics professor, and China expert at Cornell University along with other economists are worried that the criminal charges announcement made on Monday could potentially hamper the prospects of a deal.

U.S. Commerce Secretary Wilbur Ross on Thursday advised the furloughed federal workers who would be facing a second missed paycheck to get loans to pay their pending bills. He also added he doesn’t understand why the federal workers have any issue availing loans.

Ross, who made a fortune buying distressed companies, said it was disappointing to see some federal workers not showing up to work after the shutdown.

Ross said, “So the 30 days of pay that some people will be out – there’s no real reason why they shouldn’t be able to get a loan against it, and we’ve seen some ads from the financial institutions doing that.”

He also added, “So there is not a good excuse why there really should be a liquidity crisis, true the people might have to pay a little bit of interest.”

Ross’s comments came as the most extended ever shutdown in the United States’ history entered into the 34^th day.

President Trump on Ross’s comments said he had not heard anything about the comment, but he did understand.

“Perhaps he should have said it differently,” Trump told reporters during a trade meeting at the White House. “Local people know who they are when they go for groceries and everything else, and I think Wilbur was probably trying to say they will work along. I know that banks are working along. But he’s done a great job; I will tell you that.”

It should be reported here that the shutdown has affected around 800000 federal workers who have been furloughed. Many of them went to take the help of unemployment assistance, food banks or other work to try to make ends meet.

Democrats have reacted profusely to the comments of Ross.

House Speaker Nancy Pelosi asked at a news conference, “Is this the ‘Let them eat cake,’ kind of attitude, or ‘Call your father for money?’ or, ‘This is character building for you?’” She also added that Ross’s comment was unfortunate as hundreds of thousands of men and women would be missing a second paycheck in the coming day.

U.S. Representative Jennifer Wexton, whose northern Virginia district includes many furloughed workers and federal contractors, said she invited Ross to visit food bank with her to show him the real woes.

Wexton said, “That’s one thing that’s been so striking about this entire process is the complete lack of empathy from the president on down through his administration, a complete lack of understanding of what day-to-day life is for regular people in this district.”

This is not for the first time that one of the people in the Trump administration tried to downplay federal workers’ plight. White House economic adviser Kevin Hassett compared the furlough to vacation in an interview last month. Though he later clarified his stand is saying he understands workers are in pain.

Lara Trump, the president’s daughter-in-law and adviser to his 2020 re-election campaign, told online television outlet BOLD TV this week that the federal workers who had been furloughed were facing a little bit of pain to pay the bills, but they needed to make the sacrifice as the border wall, or national security is bigger than any one person.

She later explained on Fox News Channel on Thursday that she was extremely empathetic towards the furloughed workers, but her whole point was that the president had been standing firm on his position because this was really about the future of the United States, about fixing that immigration system.