September 25, 2020

QuadrigaCX owner’s widow to pay $ 9 million to exchange users

QuadrigaCX owner’s widow to pay $ 9 million to exchange users

Jennifer Robertson, widow of the founder of QuadrigaCXGerald Cotten, will transfer assets worth about $ 9 million to the account of EY, the bankruptcy manager of the now defunct cryptocurrency exchange.

Robertson said that after her husband’s death, she “did her best” to help get QuadrigaCX back.

The exchange was closed earlier this year, afterAs revealed the lack of access to the company's cold wallets. In this regard, representatives of the exchange can no longer access the funds owned by the exchange. A subsequent EY investigation raised doubts as to whether the exchange actually held client funds at the time of Cotten’s death.

In a statement sent to CoinDesk through a lawyer, Robertson said:

I entered into a voluntary settlement agreement in which most of my assets and all estate assets are returned to QCX for the benefit of affected users.

The settlement is currently under approval by the judge.

It is estimated that the total value of Cotten's property is about $ 9 million, including luxury cars and more than a dozen properties in Nova Scotia.

EY representatives announced their intention to liquidate these assets in favor of Quadriga stakeholders, including users who lost funds when the exchange collapsed.

This settlement will allow the parties to avoidcourt costs that will be incurred as a result of the trial. In addition, Robertson will no longer have to pay fees in accordance with a previous court order.

Robertson added that she has no idea how Quadriga works, or that Cotten mixed customer funds with her own.