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Bankrupt Crypto Exchange QuadrigaCX Will Start Interim Distribution for Some Users, EY Says
EY will make the procedure to file the claims public in the coming weeks,
Bankrupt Canadian crypto exchange QuadrigaCX will start interim distribution for some users, said EY, which is acting as the trustee for the firm's estate.
In the coming week, EY will post the procedure for QuadrigaCX's users to make a claim for the distribution. The claim of some users may be revised, as per the bankruptcy proceedings, but they can appeal the revision.
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Miller Thomson, which is the law firm representing QuadrigaCX's creditors, posted the message from EY.
The interim distribution will come as a relief for the customers of QuadrigaCX, who were left in the dark after the exchange went bankrupt in 2019 due to the apparent death of its founder and CEO Gerald Cotten. The firm, which was once Canada's largest crypto exchange, owed customers some $200 million in crypto.
Over 100 bitcoins (BTC) were transferred out of QuadrigaCX's cold wallet last year. The transfers were not made at the behest of EY, which had mistakenly sent 100 bitcoins to QuadrigaCX controlled cold wallets in 2019.
Read more: Bitcoin Addresses Tied to Defunct Canadian Crypto Exchange QuadrigaCX Wake Up
UPDATE (May 9, 2023, 13:21 UTC): Adds details on Miller Thomson in the third paragraph.
Parikshit Mishra
Parikshit Mishra is CoinDesk's Regional Head of Asia, managing the editorial team in the region. Before joining CoinDesk, he was the EMEA Editor at Acuris (Mergermarket), where he dealt with copies related to private equity and the startup ecosystem. He has also worked as an Senior Analyst for CRISIL, covering the European markets and global economies. His most notable tenure was with Reuters, where he worked as a correspondent and an editor for various teams. He does not have any crypto holdings.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
Что нужно знать:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
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