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,

AccessTimeIconMay 9, 2023 at 1:17 p.m. UTC
Updated May 10, 2023 at 5:09 a.m. UTC

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.

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.

UPDATE (May 9, 2023, 13:21 UTC): Adds details on Miller Thomson in the third paragraph.

Edited by Parikshit Mishra.


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Parikshit Mishra

Parikshit Mishra is CoinDesk's Deputy Managing Editor responsible for breaking news coverage. He does not have any crypto holdings.