QuadrigaCX Creditors Will Get 13% of Their Claims
The creditors of the now-defunct Canadian crypto exchange QuadrigaCX will receive 13% of their claims, according to a notice from trustee Ernst & Young (EY).
The payments will be distributed based on cryptocurrency market prices from April 15, 2019, consuming 87% of the funds available to EY.
Quadriga owes a total of 303.1 million CAD (about $222.3 million) to 17,648 creditors, with 15 of those claims valued at more than 1 million CAD (about $733,000) each and 28 valued between 500,000 to 999,999 CAD (about $367,000-733,000).
The Canada Revenue Agency (IRS) also revealed that QuadrigaCX failed to report and owed 11.79 million CAD (~$8.65 million) between 2016 and 2018.
The exchange collapsed in 2019 after the death of co-founder Gerald Cotten, who was the only holder of access to the platform’s cold wallets.
