In a document posted by EY Canada yesterday, the bankrupt crypto exchange QuadraCX trustee posted a document indicating 16,959 individual claims for the crypto and money. Most of the funds were vaporized when founder and CEO Gerald Cotten died without sharing passwords to the accounts and wallets that handled the funds for the exchange.
According to EY, the claims included 24,436.5474 Bitcoin as well as CDN $90,297,731. At today’s exchange rate, the Bitcoin alone is worth over $222 million.
Included in the mix, were several other cryptocurrencies as well as USD $ 6 million.
EY also noted that Quadriga failed to file tax returns in the ordinary course of business prior to the Bankruptcy Proceedings and accordingly tax liabilities are currently unknown.
It has been previously reported that Quadriga does not possess the amount of accumulated liabilities that creditors and former account holders are seeking to receive.
An earlier FAQ posted by EY stated:
“The distribution to Affected Users as a percentage of their claim value cannot be reasonably estimated at this time. Distributions to Affected Users remain subject to the net Estate recoveries and the quantum of valid accepted claim submissions.”
The collapse of Quadriga serves as an ongoing reminder of the lack of professionalism by some crypto exchange operators that have resulted in a severe or total loss for some trusting investors. At one point in time, QuadrigaCX was said to be the largest crypto exchange operating in Canada. Some investors lost their life savings in the collapse.
