The widow of QuadrigaCXs late founder has agreed to turn over about million of assets to the exchanges victims.nThe post Widow of QuadrigaCX Founder to Forfeit Million to Exchange Victims appeared first on Bitcoin Magazine.n
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QuadrigaCX Founders Widow Will Cough Up $9 Million to Repay Users
Bankruptcy trustee EY and the widow of QuadrigaCX founder Gerald Cotten have come to a settlement with affected users of the defunct exchange getting a million payout.n
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Widow of QuadrigaCX Founder Hands Over $9 Million in Assets to Users
n The wife of the late founder of Canadian cryptocurrency exchange QuadrigaCX is handing over roughly million in assets.n
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Widow of QuadrigaCX Founder Hands Over $9 Million in Assets to Users
n The widow of QuadrigaCX founder Gerald Cotten, Jennifer Robertson, is handing over million in assets to the users of the now-defunct crypto exchange.n
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QuadrigaCX Imbroglio Takes a Turn After Widow Claims CEO Mixed Personal and Company Funds
The crypto community has been sitting at the edge of their seats watching the complex and nuanced situation surrounding the now defunct QuadrigaCX exchange unfold. Recently, news broke that Big Four Auditing Firm, Ernst & Young (EY), had discovered that the exchange’s cold storage wallets were nearly entirely empty, which came as a surprise to many hopeful victims of the exchange.
Now, however, the situation has grown in complexity after the widow of QuadrigaCX’s now deceased co-founder and CEO, Gerry Cotton, claimed that he was mixing his personal funds with company funds in an effort to make customers whole during a previous legal battle with a bank.
QuadrigaCX’s Troubles Began Far Before CEO’s Death
Although the crypto community first grew aware of QuadrigaCX’s illiquidity following Cotton’s death earlier this year, a recent statement from his wife and the executor of his estate, Jennifer Robertson, elucidates that the exchange’s troubles began long before his death.
“While I had no direct knowledge of how Gerry operated the business, he told me that he had been putting his own money back into QCX to fund user withdrawals in 2018 while the CIBC money remained frozen,” Robertson explained in a recent statement to CoinDesk that was sent by law firm Stewart McKelvey.
Her statement comes just a few weeks after court-appointed auditing firm Ernst & Young discovered that the cold wallet addresses associated with the exchange were empty, which dispelled the rumor that the stem of the exchange’s problems was simply a lack of access to user’s funds.
Furthermore, as NewsBTC previously covered, an investigative report published on the Zerononcense Blog has claimed that Cotton may have been moving up to 600,000 Ethereum (ETH) from cold storage and into a plethora of exchanges.
“Based on the transaction analysis included in the report, it appears that a significant amount of Ethereum (600,000+ ETH) was transferred to these exchanges as a means of ‘storage’ during the years that QuadrigaCX was in operation and offering Ethereum on their exchange… it is very possible that QuadrigaCX, the creditors, and other entities are unaware of this discovery,” the Zerononcense Blog report explained.
Do the Exchange’s Victims Have a Chance of Recovering Their Lost Funds?
If it is true that Cotton had been transferring hundreds of thousands of ETH into accounts held at various cryptocurrency exchanges, and these funds can be tracked, then there is a possibility that the victims of QuadrigaCX’s illiquidity may be able to recover some, or all, of their lost funds.
Robertson further affirmed in her statement that her main goal is to is to give affected users the greatest chance of recovering their lost assets.
“Following my husband, Gerald (Gerry) Cotten’s sudden and unexpected death, I arranged for the CCAA process to start by providing the initial funding and agreeing to act as a director of the Companies. The goal from the outset of the CCAA proceeding was to benefit QCX and the Affected Users by giving QCX the greatest chance of recovery of its assets,” she claimed.
At the time, it still seems as though user’s best chance of recovering any funds is that the ETH Cotton reportedly transferred is still sitting, untouched, in accounts on the various exchanges.
Featured image from Shutterstock.
The post QuadrigaCX Imbroglio Takes a Turn After Widow Claims CEO Mixed Personal and Company Funds appeared first on NewsBTC.
QuadrigaCX CEO Widow Sells Estate Assets, Reportedly Places Others in Trust
n nn nn Jennifer Robertson, the widow of the late QuadrigaCX exchange CEO, appears to be liquidating and shuffling some estate assets.When QuadrigaCX founder and CEO Gerald Cotten passed away suddenly in December of 2018 in India, he was allegedly the only person with the knowledge of the exchanges cold storage keys. In his will, Cotten names Robertson executrix of his estate, as well as endowing her as its primary beneficiary. The exchange waited roughly a month
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QuadrigaCX Sent Deposits Allegedly Linked to CEOs Widow, Mailed Withdrawals in Cash
n nn nn For those QuadrigaCX users who were fortunate enough to have withdrawal requests honored, some appear to have received their funds through unconventional means.An anonymous QuadrigaCX user who corresponded with Bitcoin Magazine said that they received a bank deposit from Robertson Nova Consulting Inc. RNC, a corporation with no listed registration in Canadian public records, on March 8, 2017. Bitcoin Magazine also reviewed a financial inquiry into the indi
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