Quadriga CX Bankruptcy Claimants to Get 13% on the Dollar
The interim distribution to users will account for 87% of the funds the collapsed exchange’s Trustee is currently holding.
Former users of the bankrupt Canadian crypto exchange Quadriga CX will soon get a check for 13% of their claim, according to a notice to creditors published late Friday by accounting giant EY.
Documents from EY shows Quadriga’s estate owes CAD $303.1 million ($222.3 million) across 17,648 claims from creditors, including Canada Post and the country’s tax authority, Canada Revenue Agency (CRA).
Filings show that there are 15 claims with a value greater than CAD $1 million, and 28 claims with a value between CAD $500,000 and $999,999. There are also 15,236 claims valued under CAD $10,000.
According to EY, CRA determined that Quadriga had not reported income during its 2016 – 2018 fiscal periods and subsequently owes $11.7 million in back taxes.
The value of the crypto will be paid out, according to values pegged at April 15, 2019 market prices.
EY says that users with bitcoin claims will get CAD $6,739.08 ($7,122.9) per BTC. For Ethereum, users will get CAD $223.45 ($299.45) per ether.
Currently, bitcoin is trading at $26,737, while ether is currently $1,800, according to CoinDesk market data.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.