QuadrigaCX Trustee Recovers $30M, Creditors Seeking $171M
- “Quadriga’s assets likely never matched the liabilities owed to Affected Users,” EY stated in the latest motion.

Ernst & Young (EY), the trustee of now-defunct crypto Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. Read this Term, QuadrigaCX, revealed that it has only around $29.8 million in funds to repay almost $171 million in claims made by the creditors of the exchange.
The trustee filed its seventh report with the Ontario Superior Court of Justice on Thursday, providing an update on the administration of the bankruptcy.
It has received completed claim forms from 17,053 creditors of the exchange, while 42,957 total claims were filed. The claims were made for multiple currencies, including both cryptos and fiat.
Despite the astronomical number of claims, the trustee does not have enough funds to meet them. It gathered only $29.8 million by selling the assets of the exchange’s now-deceased founder, Gerald Cotten and settling with his widow. It also received some of the funds from the exchange’s third-party payment firms.
“The Trustee recovered approximately CDN$1.4 million of cryptocurrency (based on prevailing prices) and approximately US$662,000 to date,” the motion stated. “The Trustee intends to convert all asset holdings (U.S. dollars and cryptocurrency) into Canadian dollars for distribution to the Affected Users based upon the Canadian dollar equivalent value of all creditor claims.”
QuadrigaCX Saga
The Canadian crypto exchange’s troubles started when its founder and chief unexpectedly died in late 2018, without sharing the private key of the exchange’s funds to anyone else. The exchange also suffered further losses from its dealings with controversial crypto shadow-bank, Crypto Capital.
In an earlier report, the Ontario Securities Commission (OSC) revealed that Cotten gambled with the clients’ funds.
“Mr. Cotten proceeded to trade these account balances with Affected Users that had deposited real assets, as such, Quadriga’s assets likely never matched the liabilities owed to Affected Users,” EY stated in the latest motion.
Ernst & Young (EY), the trustee of now-defunct crypto Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to date include the New York Stock Exchange (NYSE), the Tokyo Stock Exchange (TSE), the London Stock Exchange (LSE), and the Nasdaq. Outside of trading, a stock exchange may be used by companies aiming to raise capital, this is most commonly seen in the form of initial public offerings (IPOs).Exchanges can now handle other asset classes, given the rise of cryptocurrencies as a more popularized form of trading. Read this Term, QuadrigaCX, revealed that it has only around $29.8 million in funds to repay almost $171 million in claims made by the creditors of the exchange.
The trustee filed its seventh report with the Ontario Superior Court of Justice on Thursday, providing an update on the administration of the bankruptcy.
It has received completed claim forms from 17,053 creditors of the exchange, while 42,957 total claims were filed. The claims were made for multiple currencies, including both cryptos and fiat.
Despite the astronomical number of claims, the trustee does not have enough funds to meet them. It gathered only $29.8 million by selling the assets of the exchange’s now-deceased founder, Gerald Cotten and settling with his widow. It also received some of the funds from the exchange’s third-party payment firms.
“The Trustee recovered approximately CDN$1.4 million of cryptocurrency (based on prevailing prices) and approximately US$662,000 to date,” the motion stated. “The Trustee intends to convert all asset holdings (U.S. dollars and cryptocurrency) into Canadian dollars for distribution to the Affected Users based upon the Canadian dollar equivalent value of all creditor claims.”
QuadrigaCX Saga
The Canadian crypto exchange’s troubles started when its founder and chief unexpectedly died in late 2018, without sharing the private key of the exchange’s funds to anyone else. The exchange also suffered further losses from its dealings with controversial crypto shadow-bank, Crypto Capital.
In an earlier report, the Ontario Securities Commission (OSC) revealed that Cotten gambled with the clients’ funds.
“Mr. Cotten proceeded to trade these account balances with Affected Users that had deposited real assets, as such, Quadriga’s assets likely never matched the liabilities owed to Affected Users,” EY stated in the latest motion.