QuadrigaCX Users to Receive Interim Payment

Canadian cryptocurrency exchange QuadrigaCX, which went bankrupt in 2019 after the alleged death of its CEO, Gerald Cotten, will begin interim distribution of funds to some users, according to a statement by EY, the firm acting as the trustee for the exchange's estate.

EY will provide the procedure for users to make a claim for distribution in the upcoming week.

However, some users' claims may need to be revised as per the bankruptcy proceedings. If a revision takes place, affected users will be able to file an appeal.

The law firm Miller Thomson, representing QuadrigaCX's creditors, announced the interim distribution on behalf of EY.

The move is expected to provide some respite to the exchange's customers, who were left stranded when the company went bankrupt owing $200 million in cryptocurrencies.

Last year, more than 100 bitcoins were transferred from QuadrigaCX's cold wallet. The transfers were not authorized by EY, which had accidentally sent 100 bitcoins to QuadrigaCX-controlled cold wallets in 2019.

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