According to news coming to us from Canada, QuadrigaCX who recently lost their founder to the cold arms of death is considering generating the $200 million that got frozen after the death of their founder.
Reports have it that millions of dollars owned by account holders got frozen as they could not access the exchange’s password that the founder only knows.
The accounting firm is hoping to generate the money owed to account holders on their exchange which is more than $200 million. The only problem is that they have only been able to come up with just $28 million in assets, and this money is in cash literally.
Ernst and Young; the firm overseeing the firms bankruptcy proceedings and have issued a preliminary report saying because of the poor state of bookkeeping at QuadrigaCX, it may not be able to generate a full review for the firm.
From preliminary reports, Ernst and Young’s investigation have been hindered by the uninterested attitude displayed by partners at QuadrigaCX as they have shown an unwillingness to cooperate with the accounting firm and their lousy accounting records have proven to be a hindrance too.
As at April 2019, QuadrigaCX and its business partners owed a total of $215.7 million, funds that were meant for 76,000 creditors that used their platform before the unfortunate demise of their founder.
According to reports, QuadrigaCX developed an unfettered system for their customers to store and trade cryptocurrencies like BTC, LTE and ETH.
The Vancouver-based firm went into liquidation in January after the founder and sole director, 30-year-old Gerald Cotten of Fall River, N.S., died on the 9th of December on his way to India.
Since then, the firm has suffered a decline when news hit the media that Cotten was the only person in the organisation who had the password to access QuadrigaCX’s offline crypto reserves.
As it is though, the firm is doing everything possible at their disposal to refunds their user’s money. Reports from security experts say it is impossible to get the password to the offline crypto reserves but the firm hope they can recoup a total of $215.7 million through their assets.
Its users can only wait and hope that things turn out well for them.