Bankrupt cryptocurrency exchange QuadrigaCX will begin interim distributions to some of its affected users, with Ernst & Young (EY) acting as trustee for some of the users.
Good News For QuadrigaCX Victims
The Canadian crypto exchange has announced its decision to start distributing funds to certain users who were affected by the firm’s bankruptcy two years ago. The exchange first declared bankruptcy in 2019 following the sudden death of its CEO, Gerald Cotten, and the subsequent revelation that he had been the only one with access to the exchange’s cold storage wallets. The firm, which was once Canada’s largest crypto exchange, ended up owing customers around $200 million.
The exact amount of funds available for distribution is not yet clear. The court-appointed monitor for QuadrigaCX’s bankruptcy proceedings, Ernst & Young (EY), has stated that it is working to recover as much of the missing funds as possible but has acknowledged that it may not be possible to recov
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