QuadrigaCX have sent all their cryptocurrencies to court-appointed monitor, Ernst & Young

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  • QuadrigaCX transferred all their cryptocurrencies to Ernst & Young. This includes 51 bitcoin, 951 ether, 33 bitcoin cash, 2,000 bitcoin gold, and 822 litecoin.
  • EY is also looking to take over QuadrigaCX’s fiat holdings.

Ernst & Young, QuadrigaCX’s court-appointed monitor, published a report which confirmed that all of the exchange’s cryptocurrency holdings had been transferred over to them. The report said:

“On February 14, 2019, after testing the transfer arrangements, the Applicants successfully transferred the following cryptocurrency to the Monitor. The Monitor will hold the cryptocurrency in cold storage pending further order of the Court.”

In total, 51 bitcoin, 951 ether, 33 bitcoin cash, 2,000 bitcoin gold, and 822 litecoin were transferred. The cryptocurrencies were sent via a two-step process. First, a small test transaction was sent to make sure that everything is in order before the bulk of the assets were transferred.

EY’s report also stated that the auditor is attempting to take over QuadrigaCX’s fiat holdings as well. According to the report, there are three primary sources:

  • Costodian, a payment processor, which holds $25 million CAD in bank drafts.
  • Stewart McKelvey, which holds $5.8 million CAD in bank drafts.
  • Various other amounts held by other third-party processors.

Jose Reyes, Costodian’s owner, has so far only transferred $20 million CAD of the $25 million to EY stating that rest belongs to him. He is also looking to recoup $778,000 CAD from QuadrigaCX for processing fees. EY’s report concludes that unless these funds are transferred, “the Applicants currently have no accessible funds to fund the CCAA proceedings, other than the interim financing provided by [Jennifer] Robertson (QuadrigaCX founder’s widow) which will be exhausted in the near term.”

 

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