{"id":6858,"date":"2023-05-10T14:48:12","date_gmt":"2023-05-10T18:48:12","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/bankrupt-quadrigacx-exchange-to-commence-interim-distribution-of-funds\/"},"modified":"2023-05-10T14:48:13","modified_gmt":"2023-05-10T18:48:13","slug":"bankrupt-quadrigacx-exchange-to-commence-interim-distribution-of-funds","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=6858","title":{"rendered":"Bankrupt QuadrigaCX Exchange to Commence ‘Interim Distribution’ of Funds"},"content":{"rendered":"
\n

The bankrupt Canadian crypto exchange QuadrigaCX is set to commence an \u201cinterim distribution\u201d of funds to creditors, despite only a fraction of the missing funds being recovered.<\/p>\n

\u201cIn the coming weeks, the Trustee intends to post a Notice to Affected Users providing details about the manner and procedure for the Interim Distribution and other related information,\u201d a status update from law firm Miller Thomson said on Monday this week.<\/p>\n

According to the update, a small number of QuadrigaCX users will also receive a \u201cNotice of Disallowance\u201d from the bankruptcy trustee, informing them that their claims have been either revised (reduced) or disallowed (rejected).<\/p>\n

Users who receive the Notice of Disallowance should check the update for further details on next steps to take.<\/p>\n

CEO died under mysterious circumstances<\/h2>\n

QuadrigaCX filed for bankruptcy in Canada in 2018 after its CEO, Gerald Cotten, died under mysterious circumstances in India, taking the only known private keys to the exchange\u2019s wallets with him.<\/p>\n

The case has been much publicized in recent years, and was the subject of a popular 2022 Netflix documentary.<\/p>\n

And while some of the funds owed to the exchange\u2019s customers will now be paid back, large amounts are still missing.<\/p>\n

According to bankruptcy trustee Ernst & Young, only $34.3 million worth of crypto has so far been recovered from the estate.<\/p>\n

The Ontario Securities Commission has in the past estimated that QuadrigaCX owes its customers $160 million.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The bankrupt Canadian crypto exchange QuadrigaCX is set to commence an \u201cinterim distribution\u201d of funds to creditors, despite only a fraction of the missing funds being recovered. \u201cIn the coming weeks, the Trustee intends to post a Notice to Affected Users providing details about the manner and procedure for the Interim Distribution and other related […]<\/p>\n","protected":false},"author":1,"featured_media":6859,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-6858","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nBankrupt QuadrigaCX Exchange to Commence 'Interim Distribution' of Funds | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The bankrupt Canadian crypto exchange QuadrigaCX is set to commence an \u201cinterim distribution\u201d of funds to 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