Bankrupt Canadian Crypto Exchange Quadriga CX Despite only a fraction of the missing money being recovered, an “interim distribution” of the money to creditors is set to begin.
“In the coming weeks, the Trustee intends to post a notice to provide affected users with details regarding the manner and process for interim distribution and other related information,” read a statement. Updates law firm Miller Thomson said Monday this week.
According to the update, a small number of QuadrigaCX users will also receive a “Notice of Denial” from the bankruptcy trustee, notifying them that their claims have either been modified (reduced) or denied (disallowed). .
Users who received a notification of disapproval should check the update for more information on next steps to take.
CEO died under mysterious circumstances
QuadrigaCX filed for bankruptcy in Canada in 2018 after its CEO, Gerald Cotton, died under mysterious circumstances in India, taking with him the only known private keys to the exchange’s wallet.
The case has been much publicized in recent years, and it was Subject of a popular 2022 Netflix documentary,
And while some of the money owed to customers of the exchange has now been repaid, large amounts are still missing.
According to bankruptcy trustee Ernst & Young, only $34.3 million worth of crypto has been recovered from the estate so far.
Ontario Securities Commission is in the past estimated that QuadrigaCX owed its customers $160 million.