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17,000 Creditors Hope to Recover Assets Lost to Defunct Exchange QuadrigaCX

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17,000 Creditors Hope to Recover Assets Lost to Defunct Exchange QuadrigaCX

The report reveals that as of May 6, EY had received 16,959 proofs of claim denominated in various fiat and cryptocurrencies, many of which included multiple currency components. The currencies span United States dollars and Canadian dollars, as well as Bitcoin (BTC), Bitcoin SV (BSV), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Litecoin (LTC) and Ether (ETH).

Claims filed by QuadrigaCX creditors with EY as of May 6, 2020. Source: EY

The report indicates that the trustee anticipates that all claims will be converted to Canadian dollars, although respective currency conversion rates have not yet been decided upon.

Neither has EY yet finalized its review of all proofs of claim. The firm has, however, already found a number of proofs that contain technical deficiencies, such as being unsigned. In other cases, it is following up with certain claimants whose submitted proofs diverge from the amounts recorded in QuadrigaCX’s records. 

EY has overridden a previous deadline of August 31, 2019 for claimants to submit their proofs and continues to process new submissions, although the report notes that the volume of new claim submissions has “slowed considerably.”

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