Trustee QuadrigaCX: „We can pay $30 million in claims“

The trustee in bankruptcy of the Bitcoin stock exchange QuadrigaCX has received USD 171 million in claims from aggrieved investors. But they can only pay out part of it.

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But curator Ernst & Young says he can only pay out $30 million, says CoinTelegraph. The exchange went bankrupt on 15 April 2019. The deceased founder Gerard Cotten had sole access to the funds of the exchange.

An update (PDF) filed by E&Y with the court in Ontario, Canada, reveals this. It contains a number of interesting figures.

E&Y managed to secure $29.8 million in corporate assets. Customers have submitted a total of 17,053 claims.

This concerns 90.2 million Canadian dollars and 6 million American dollars. In addition, it concerns 24,427 Bitcoin (BTC) and a large number of other cryptocurrencies. A total of 171 million dollars has been claimed.

E&Y reports that Cotten has proven to have traded with the cryptocurrencies of over 76,000 customers. Cotten died on December 2018, after which the exchange immediately ran into problems.

Investigations showed that a substantial part of the customer funds came into the hands of shadow bank Crypto Capital. This is a name that also appears in the iFinex file.

So far, the trustee has managed to raise 29.8 million dollars. Amongst other things by liquidating Cotten’s assets in consultation with his widow. The claimant will be paid in Canadian dollars at the exchange rate of 15 April 2019 (the bankruptcy date) or 5 February 2019, the day users could no longer reach the exchange.