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Bankrupt Crypto Exchange QuadrigaCX Will Start Interim Distribution for Some Users, EY Says
EY will make the procedure to file the claims public in the coming weeks,
Updated May 10, 2023, 5:09 a.m. Published May 9, 2023, 1:17 p.m.
Bankrupt Canadian crypto exchange QuadrigaCX will start interim distribution for some users, said EY, which is acting as the trustee for the firm's estate.
In the coming week, EY will post the procedure for QuadrigaCX's users to make a claim for the distribution. The claim of some users may be revised, as per the bankruptcy proceedings, but they can appeal the revision.
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Miller Thomson, which is the law firm representing QuadrigaCX's creditors, posted the message from EY.
The interim distribution will come as a relief for the customers of QuadrigaCX, who were left in the dark after the exchange went bankrupt in 2019 due to the apparent death of its founder and CEO Gerald Cotten. The firm, which was once Canada's largest crypto exchange, owed customers some $200 million in crypto.
Over 100 bitcoins were transferred out of QuadrigaCX's cold wallet last year. The transfers were not made at the behest of EY, which had mistakenly sent 100 bitcoins to QuadrigaCX controlled cold wallets in 2019.
Read more: Bitcoin Addresses Tied to Defunct Canadian Crypto Exchange QuadrigaCX Wake Up
UPDATE (May 9, 2023, 13:21 UTC): Adds details on Miller Thomson in the third paragraph.
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Canadian Province Wins Forfeiture of $1M QuadrigaCX Co-Founder's Cash, Gold via Default Judgment
The ruling transfers cash, gold bars, watches, and jewelry seized from a CIBC safety deposit box and bank account into government hands after Patryn did not defend the case.
What to know:
- The Supreme Court of British Columbia has forfeited $1 million in cash and gold tied to QuadrigaCX's co-founder, Michael Patryn, to the government.
- Patryn did not contest the forfeiture, which involved 45 gold bars, luxury watches, and over $250,000 in cash seized under an Unexplained Wealth Order.
- The forfeiture may lead to a process determining if any assets can be directed to QuadrigaCX's creditors, who received 13 cents on the dollar in the bankruptcy settlement.
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