Gerald Cotten

Repay Users: QuadrigaCX Founder’s Widow Will Cough Up $9 Million

October 8, 2019 at 10:13 AM | By Jit Sutradhar News

Jennifer Robertson, the widow of the founder Gerald QuadrigaCX Cotten, is the transfer of almost $ 9 million ($ 12 million Canadian dollars) in assets EY Canada, the bankruptcy administrator for the exchange of encryption now extinct.

Robertson announced the move in a statement on Monday, saying he had since the death of her husband late last year, “done everything possible” to assist in the recovery of assets QuadrigaCX.

The exchange folded earlier this year, after Robertson and other entities affiliated with the Quadriga account without access to cold portfolios of the company, and therefore could not access any of the crypto assets held on exchange. (EY A subsequent investigation raised questions about whether the exchange actually carried out any customer funds at the time of the death of Cotten).

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

“I have now entered into a voluntary settlement agreement where the vast majority of my assets and all of the Estate’s assets are being returned to QCX to benefit the Affected Users. These assets originally came from QCX at the direction of Gerry.”

It is pending the approval of a judge.

According to a new report from EY Canada, Robertson will meet all assets except for approximately $ 162,700 in personal property, including cash, your retirement savings a 2015 Jeep, some jewelry, personal furnishings, clothing and some shares outstanding Quadriga and affiliated entities.

An earlier report estimated the total value of goods Cotten to include roughly $ 9 million ($ 12 million Canadian dollars) in assets, including luxury vehicles and more than a dozen properties in Nova Scotia.

EY said in Monday’s report that intends to liquidate these assets to Quadriga stakeholders, including users who lost funds when trade collapsed.

Monday’s report said that a solution enabled the parties to avoid legal expenses would be incurred by litigation. In addition, as part of the agreement, Robertson no longer receive any payment under a prior court order.

Robertson said he had “no direct knowledge” of how Quadriga operates and did not know he had mixed Cotten client and company funds, as EY found later.

“Specifically, I was not aware of or participated in commercial activities Gerry, nor his appropriation of funds affected user,” she said in Monday’s statement.

Monday’s report also added that Robertson suggested a settlement offer after the auditor issued its previous report in June 2019.

Robertson will provide an affidavit detailing the assets owned or still owns the estate in the past five years as part of the solution, and the agreement may be annulled if she does not disclose any such assets.

In a post public telegram, Miller Thomson lawyer Asim Iqbal, the representative council appointed by the court to users of the bag, said the law firm will not provide additional comments.

Gerald Cotten, late CEO of QuadrigaCX, circa 2015, image via Decentral

This article is republished from coindesk.com. If you have any questions, objection or any other matter you can contact us. Thank you for visiting our website.

Comments (0)

    Write a Reply or Comment

    You must be Logged In or Sign Up to post a comment.