Advertise
CoinTrust
BTC
ETH
BCH
SOL
DOGE
SHIB
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
No Result
View All Result

Home » EY Report – Defunct QuadrigaCX Has Assets Worth $21mln, Owes $160mln

EY Report – Defunct QuadrigaCX Has Assets Worth $21mln, Owes $160mln

Kelly Cromley by Kelly Cromley
May 11, 2019
in Market News, News
Reading Time: 2 mins read
0

A fresh study by court-appointed surveyor and consultant Ernst & Young (EY) described the assets and debts of Canada’s main crypto exchange QuadrigaCX and its affiliates.

QuadrigaCX, the Canadian crypto exchange that sank after its CEO and founder’s death early last year, has only $21 million in assets, but owes investors $160 million, its court-appointed monitor and trustee revealed.

RelatedPosts

World Chain Upgrades to Native USDC in Circle Expansion

WAYE.ai Unveils AI Agents Powered by Sui Blockchain

Real Vision Taps Sui Blockchain to Reinvent Member Engagement

Vietnam Unveils National Push Toward Blockchain Integration

The Big Four accounting company Ernst and Young’s recent study (EY) describes three exchange-affiliated legal entities — Quadriga Fintech Solutions Corp., Whiteside Capital Corporation and 0984750 B.C. Ltd., as bankrupt firms.

Debt and assets are distributed across these three subsidiaries. As a consequence, each organization does have its own asset and liabilities register, though overlapping. As of April 12, 2019:

  • Quadriga Fintech Solutions had $254,180 CAD ($189,345 USD) in cash and had liabilities to the tune of $214,873,113 CAD ($160,051,461 USD).
  • Whiteside Capital Corporation had zero assets, but had $214,618,937 CAD ($159,875,011 USD) as liabilities.
  • 0984750 B.C. had cash of $28,649,542 CAD ($21,343,192 USD) and its liabilities stood at $215,697,147 CAD ($160,688,982 USD).
  • “There is a material discrepancy between the declared fiat and cryptocurrency commitments” owing to distinct properties, creditors and recognized resources, says George Kinsman, the EY executive serving as the supervisor and treasurer. Kinsman also quoted substandard accounting as a problem EY confronted when collecting these figures together.

    Quadriga began a voluntary recovery process at the end of January, when Jennifer Robertson, widow of Quadriga founder Gerald Cotten, stated in an court documents that the exchange was unable to open its cold or offline crypto wallets after his demise. EY was also unable to find any cryptocurrencies in Quadriga’s designated cold wallet locations besides the 103 Bitcoin inadvertently transmitted from a hot wallet.

    EY also retains about $500,000 in cryptocurrency retrieved from Quadriga’s hot or online wallets’ and numerous other locations’ Crypto wise, EY holds 61 Bitcoin, 33 Bitcoin cash 2,661 Bitcoin gold 851 Litecoin and 960 Ether. The study did not discuss what advancement, if any, EY made in finding other disappeared cryptos of the exchange.

    While Robertson originally expected that the exchange could have a maximum of 115,000 customers, Kinsman stated in the fresh study that Miller Thomson, the court-appointed advisory attorney for customers of the exchange, had submitted an additional demand from 76,319.

    Miller Thomson also provided the $214,618,928 CAD amount that is used for calculating debts. Along with Quadriga’s clients, Robertson is mentioned as a protected lender and is owed $300,000 CAD ($ 223,500 USD) depending on the cost of beginning the civil recovery procedure, although Kinsman said he anticipates the demand to be disputed. Costodian, Quadriga’s payment processing company, also asserted $774,214 CAD ($ 577,200) in handling charges, although this complaint has yet to be addressed in trial.

    Quadriga was formally proclaimed bankrupt in early April after the justice of Nova Scotia Supreme court, Michael Wood, granted permission, following EY’s suggestion that the firm should be declared bankrupt previously that month. Insolvency “would enable prospective asset sales, including but not restricted to Quadriga’s operating platform,” as well as simplifying managerial complexities and lowering procedural expenses.

    As earlier stated, after co-founder Gerald Cotten’s death, Quadriga applied for creditor protection when it lost control over its cold wallets and associated keys, which supposedly contained customers ‘ assets. In March, EY recognized six distinct crypto wallets used mainly to hold Bitcoin (BTC), the most-used cryptocurrency on the platform. Besides an unintentional Bitcoin transaction worth approximately $500,000, there have been no deposits in the wallet since April 2018.

    Previous Post

    JPMorgan Revamps Quroum’s Privacy Architecture With Microsoft’s Assistance

    Next Post

    Bitcoin Hits $7,400 as 60,000 Enthusiasts Sign Up For $1mln. Worth BTC Treasure Hunt Game

    Related Posts

    circle-usdc-stablecoin

    World Chain Upgrades to Native USDC in Circle Expansion

    by Kelly Cromley
    Jun 12, 2025
    0

    Digital identity firm World has broadened its collaboration with stablecoin issuer Circle through the integration of native USDC and Cross-Chain...

    waye-ai-agents-on-sui-blockchain

    WAYE.ai Unveils AI Agents Powered by Sui Blockchain

    by Kelly Cromley
    Jun 12, 2025
    0

    WAYE.ai is setting a new benchmark in artificial intelligence by introducing autonomous digital agents capable of functioning across multiple platforms....

    Real Vision partners with Sui

    Real Vision Taps Sui Blockchain to Reinvent Member Engagement

    by Kelly Cromley
    Jun 12, 2025
    0

    Real Vision, a prominent financial media and membership platform, has disclosed a strategic alliance with Sui, a blockchain network developed...

    vietnam

    Vietnam Unveils National Push Toward Blockchain Integration

    by Kelly Cromley
    Jun 12, 2025
    0

    Vietnam is taking a significant step toward embedding blockchain into its national digital infrastructure through a newly announced alliance involving...

    PayPal Eyes Stellar for Faster, Cheaper PYUSD Transactions

    by Kelly Cromley
    Jun 12, 2025
    0

    PayPal Holdings (NASDAQ: PYPL) has announced plans to bring its stablecoin, PayPal USD (PYUSD), to the Stellar (XLM-USD) blockchain network....

    sqd-network-debuts-oceanstream-real-time-blockchain-data

    SQD Network Debuts Oceanstream for Real-Time Blockchain Data

    by Kelly Cromley
    Jun 12, 2025
    0

    SQD Network, a decentralized data-lakehouse platform, has officially introduced Oceanstream, a real-time data delivery solution tailored to institutional investors. The...

    Next Post
    Bitcoin Hits $7,400 as 60,000 Enthusiasts Sign Up For $1mln. Worth BTC Treasure Hunt Game

    Bitcoin Hits $7,400 as 60,000 Enthusiasts Sign Up For $1mln. Worth BTC Treasure Hunt Game

    • blackrock invests in colle web3

      COLLE: Pioneering AI Web3 Platform Receives Investment Boost from BlackRock

      by Kelly Cromley
      May 13, 2024
    • Router Protocol and OpenWorldSwap Partnership to Revolutionize DEX Market

      by Kelly Cromley
      Aug 6, 2024
    • Central Bank of Saudi Arabia Teams Up with Ripple to Transform Cross-Border Settlements

      by Kelly Cromley
      Aug 17, 2023
    • GameStop’s Digital Transformation: Embracing Blockchain and NFTs

      by Kelly Cromley
      Feb 2, 2025
    • Blockchain Based Sports Platform SportsMint Unveiled

      by Kelly Cromley
      Apr 30, 2024

    Recent News

    circle-usdc-stablecoin
    Market News

    World Chain Upgrades to Native USDC in Circle Expansion

    by Kelly Cromley
    Jun 12, 2025
    waye-ai-agents-on-sui-blockchain
    Market News

    WAYE.ai Unveils AI Agents Powered by Sui Blockchain

    by Kelly Cromley
    Jun 12, 2025
    Real Vision partners with Sui
    Market News

    Real Vision Taps Sui Blockchain to Reinvent Member Engagement

    by Kelly Cromley
    Jun 12, 2025
    vietnam
    Market News

    Vietnam Unveils National Push Toward Blockchain Integration

    by Kelly Cromley
    Jun 12, 2025
    Market News

    PayPal Eyes Stellar for Faster, Cheaper PYUSD Transactions

    by Kelly Cromley
    Jun 12, 2025

    Categories

    • Altcoin News
    • Analysis News
    • Binance Coin News
    • Bitcoin News
    • Blockchain
    • Blog
    • Cardano News
    • Ethereum News
    • ICO News
    • Legislation News
    • Market News
    • News
    • Ripple News
    • Solana News
    • Tether News
    • XRP

    Cointrust

    • About Us
    • Contact Us
    • Correction Request
    • Our Team

    Legal

    • Disclaimer
    • Terms & Conditions
    • Privacy Policy
    • Cookie Policy

    Popular

    • ICO Listings
    • Knowledge Base
    • All about Mining
    • Cryptocurrency Exchanges
    • How and Where to buy Cryptocurrency

    Sitemap

    • News section
    • Sitemap
    • XML Sitemap

    © 2024 CoinTrust.com.

    CoinTrustCoinTrust

    * DISCLAIMER: All information provided in CoinTrust is merely for informational purposes, we are not an investment advisor and not affiliated with any companies or ICO/Cryptocurrency Projects. To use this website you must accept our cookie policy, Disclaimer and Privacy Policies.

    No Result
    View All Result
    • News
    • Bitcoin
    • Ethereum
    • Altcoin
    • Market Cap
    • Learn
      • Buying Crypto
      • Crypto Mining
      • Crypto Exchanges
      • Knowledge
    • Crypto Casinos
      • Bitcoin Casinos
      • New Crypto Casinos
      • No KYC Crypto Casinos
      • Anonymous Crypto Casinos
      • VPN Friendly Crypto Casinos
      • Bitcoin Poker
      • Crypto Poker
      • Bitcoin Bingo
      • USDT Casinos
      • Offshore Online Casinos
      • Bitcoin Betting Sites
      • Crypto Sports Betting
      • Reddit’s Best Bitcoin and Crypto Casinos

    © 2024 CoinTrust.com.

    We use cookies to ensure that we give you the best experience on our website.
    If you continue to use this site you agree to allow us to use cookies, in accordance with our Cookie Policy.
    I Agree