QuadrigaCX’s bankruptcy trustee, Ernst & Young, announced that creditors of the defunct Canadian cryptocurrency exchange are to receive an “interim dividend” payment of 13% of their claims. The payment is for each “creditor with a proven claim” and amounts to approximately 87% of the funds the trustee is currently holding.
The remaining funds will be held as a reserve for future disbursements related to the administration of the bankruptcy. The notice revealed that 305.6 million CDN ($223 million) worth of claims have been made by 17,648 creditors, with 15,356 creditors owed between $0 and $10,000, while 1,784 are owed between $10,000 and $49,999.
The Canada Revenue Agency is among the 15 creditors owed more than $1 million, with back taxes worth 11.7 million CDN owed from 2016 to 2018. The law firm representing the creditors has suggested that the payment will happen over the next few weeks, but no specific date has been announced.
QuadrigaCX was once one of the largest cryptocurrency exchanges in Canada but became insolvent in early 2019 after its co-founder and CEO died, taking the private keys to the exchange’s offline storage systems with him.