QuadrigaCX Creditors to Recoup 13% of Investments from Defunct Cryptocurrency Platform | National Crowdfunding & Fintech Association of Canada

CBC News | Richard Woodbury | May 16, 2023

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The law firm Miller Thomson, representing the creditors of the collapsed cryptocurrency company QuadrigaCX, has announced that each proven creditor will receive 13% of their initial investment back.

• In a notice posted late last week, law firm Miller Thomson said as of this month, there are $305.66 million in total claims against QuadrigaCX.
• The Trust Dilemma: The collapse of QuadrigaCX, which turned out to be a Ponzi scheme, has had a significant impact on the trust investors place in cryptocurrency exchanges. Many, like Elvis Cavalic, who lost around $15,000 in the QuadrigaCX collapse, have grown skeptical and wary of such platforms.
  • Once among Canada’s premier cryptocurrency exchanges, QuadrigaCX imploded in early 2019 after the demise of its founder, Gerald Cotten, during his honeymoon in India in December 2018.
• Misuse of Funds: Investigations into QuadrigaCX’s activities revealed that the late CEO Gerald Cotten had been funneling money from the exchange into his personal accounts, resulting in a lavish lifestyle.
  • His widow, Jennifer Robertson, forfeited $12 million in assets, stating her unawareness of her husband’s fraudulent activities.

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• Source: https://ncfacanada.org/quadrigacx-creditors-to-recoup-13-of-investments-from-defunct-cryptocurrency-platform/