EY is ready to pay clients of crypto exchange QuadrigaCX $ 30 million with a debt of $ 171 million
Auditing company Ernst & Young (EY) has valued QuadrigaCX’s payout of $ 171 million and has $ 29.8 million to distribute among them.
EY was appointed by the court to be the trustee of the defunct cryptocurrency exchange. On November 6, she filed an update with the Ontario Superior Court. The company reported receiving 17,053 applications from users who left their assets on QuadrigaCX. They reflected losses of 90.2 million Canadian dollars and more than $ 6 million in cryptocurrencies, including 24,427 bitcoins (BTC), 65,457 Ethereum (ETH), 87,031 Litecoin (LTC), 7,723 Bitcoin Cash (BCH), 17 934 Bitcoin Gold (BTG), and 7,098 Bitcoin SV (BSV).
EY Says Deceased QuadrigaCX Founder Gerald Cotten used 76,000 clients to trade, contributing to the exchange’s insolvency.
“Mr. Cotten used real assets contributed by affected users for trading, so Quadriga’s assets probably never matched its debt to affected users,” explains EY.
EY managed to recover some of its user funds thanks to the sale of Cotten’s property, an agreement with his widow, and the withdrawal of assets from third-party payment services, of which the exchange was a client. They will be converted into Canadian dollars and distributed to users at the rate either on April 15, 2019, when QuadrigaCX declared itself bankrupt, or on February 5, 2019, when the withdrawal of funds from the exchange was blocked. The decision on this matter must be made by the court.
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