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17,000 creditors hope to recover lost assets on the defunct QuadrigaCX exchange

May 13, 2020

Over 17,000 creditors of the Canadian cryptocurrency exchange closed QuadrigaCX has sued to recover their lost property.

Details of the lawsuits were released in an interim report released on May 12 by Ernst Young (EY), trustee of QuadrigaCX’s ongoing bankruptcy proceedings.

The details of the complaints filed so far

The report shows that By May 6, EY had received 16,959 eligibility tests in different fiat currencies and cryptocurrenciesMany of them contained components in multiple currencies. The currencies include US dollars and Canadian dollars, as well as Bitcoin (BTC), Bitcoin SV (BSV), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Litecoin (LTC) and Ether (ETH).

17,000 creditors hope to recover lost assets on the defunct QuadrigaCX exchange17,000 creditors hope to recover lost assets on the defunct QuadrigaCX exchange

Claims submitted by QuadrigaCX creditors to EY on May 6, 2020

Lawsuits filed by QuadrigaCX creditors with the EY on May 6, 2020. Source: EY

The report shows thatThe trustee assumes that all claims will be converted into Canadian dollars, even though the respective currency conversion rates have not yet been set.

EY’s review of all evidence in the lawsuit is ongoing.. However The company has already found several tests with technical defectslike the fact of not being signed. In other cases, certain plaintiffs are being prosecuted, the evidence provided of which deviates from the amounts recorded in QuadrigaCX’s records.

EY has canceled the previous deadline of August 31, 2019 for plaintiffs to submit their evidence and continues to process new filings, although the report points to it The volume of newly submitted applications “has decreased significantly”..

QuadrigaCX tax obligations

Finally, EY indicates this QuadrigaCX did not file its tax returns in the normal course of business before the bankruptcy process began and that’s why it’s up to date The outstanding amount of your corporate tax liability is unknown.

Outstanding obligations to Canadian tax authorities is required “before the recipient declares distribution to affected users or creditors in general as equal tax claims [en igualdad de condiciones] that the unsecured requirements of affected users, “shows EY.

Crypto users question the official QuadrigaCX disappearance story

As Cointelegraph reported yesterday, A new study of cryptocurrency users has uncovered the deep suspicions surrounding the QuadrigaCX closing story.. The founder and CEO of the exchange, Gerald Cotten, allegedly the only person who has access to the wallets and addresses of the exchange, died as a volunteer in an orphanage in India.

To d60% of those surveyed in the new survey believe that Cotten is still alive, while 90% believe that the body that belongs to him should be exhumed and autopsied..

This was pointed out in an EY report last year QuadrigaCX had assets of approximately $ 20.8 million and liabilities of approximately $ 160 million as of April 12, 2019.

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