New Ernst & Young Report Reveals Assets and Debts of Now-Defunct QuadrigaCX

New Ernst & Young Report Reveals Assets and Debts of Now-Defunct QuadrigaCX

A new report from Big Four audit firm Ernst & Young (EY) outlines the assets and debts of  major Canadian crypto exchange QuadrigaCX and its subsidiaries. The report was released on EY site on May 9.

EY — a monitor to the creditor proceedings of now-defunct QuadrigaCX — has published a trustee’s preliminary report revealing that Quadriga has around $20.8 million in assets, and around $160 million in liabilities as of April 12, 2019.

The debt and assets are spread between three subsidiary companies; 0984750 B.C. LTD. (the “Quadriga Estate”), Quadriga Fintech Solutions and Whiteside Capital Corporation.

Quadriga was officially declared bankrupt in the beginning of April following the approval by the Nova Scotia Supreme Court Justice Michael Wood, and EY recommendation that it should be declared bankrupt earlier that month. The bankruptcy “would allow for the potential sale of assets, including but not limited to Quadriga’s operating platform,” as well as streamlining administrative burdens and cutting procedural costs.

As previously reported, Quadriga filed for creditor protection when — following its co-founder Gerald Cotten death — it lost access to its cold wallets and corresponding keys, that ostensibly held the assets owed to its clients.

In March, EY identified six separate crypto wallets that were used primarily to store bitcoin (BTC), the cryptocurrency most used on the platform. Apart from one inadvertent transaction of bitcoin amounting to nearly $500,000, there have been no deposits in the wallets since April 2018.

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