Join the BitcoinNews Telegram channel for daily updates >>LINK

QuadrigaCX Assets, Debts Revealed by EY Report

QuadrigaCX Assets, Debts Revealed by EY Report

Support free writers: > send a tip

written by

Big Four accountancy firm Ernst & Young (EY) has released a new audit report that spells out the exact assets as well as debts of the now defunct Canadian crypto exchange QuadrigaCX and its subsidiaries.

The audit company was monitoring the creditor proceedings of QuadrigaCX, and this preliminary trustee publication reveals only USD 20.8 million in assets in comparison to about USD 160 million in liabilities as of 12 April 2019. In the same week before that date, Quadriga filed for bankruptcy and was approved by the Nova Scotia Supreme Court Justice Michael Wood. As expected, the bankruptcy paved the way for a “potential sale of assets, including but not limited to Quadriga’s operating platform.”

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

The saga began last year when its co-founder Gerald Cotten, passed away in India. The exchange then claimed that he was the sole owner of all the private keys to its cold wallets, containing all the digital assets of their clients.

However, in March, EY identified at least six wallets primarily used to store Bitcoin. Apart from one inadvertent transaction of half a million US dollars, not one of then received any deposits since April 2018.

Follow on Twitter: @BitcoinNewsCom

Telegram Alerts from

Want to advertise or get published on – View our Media Kit PDF here.

Image Courtesy: Pixabay

Help spread this article :) is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of 


Read More Bitcoin News


The Tragedy of Fiat Money

Over the course of the last 18 years, the European Central Bank (ECB) printed new currency, multiplying money supply by more than 5 times, bringing it to 1308 billion. Here we discuss whether or not the central bank’s actions could be considered a robbery.

Read More »


Join our Newsletter

Video of the Week


Latest on Bitcoin News

Join our Newsletter