• May 31, 2023


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Creditors of Bankrupt Exchange QuadrigaCX Will Only Receive 13% of Their Claims: Ernst & Young

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Users of the now-defunct Canadian cryptocurrency exchange QuadrigaCX, which filed for bankruptcy in 2019, will receive 13% of their claims, according to a notice from the trustee Ernst & Young (EY).

Payments will be made based on the market prices for cryptocurrencies as of April 15, 2019, taking 87% of the funds at the disposal of EY.

QuadrigaCX owes 17,648 creditors a total of 303.1 million CAD (~$222.3 million), with 15 claims for more than 1 million CAD (~$733,000) and 28 claims from 500,000 to 999,999 CAD (~$367,000-733,000).

The IRS found that QuadrigaCX had failed to report and owed 11.79 million CAD (~$8.65 million) from 2016 to 2018.

The exchange collapsed after the death of its co-founder Gerald Cotten, the only holder of the private keys for Quadriga’s cold wallets, leaving the platform owing users $171.5 million.