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QuadrigaCX Founder’s Widow Will Return $9M to Repay the Exchange Users
NEWS
October 08  |  2 min read

Widow of QuadrigaCX Founder Will Return Roughly $9M in Assets to Help Repay Users

The COIN360 Editorial Team

Widow of defunct crypto exchange QuadrigaCX founder Gerald Cotten, Jennifer Robertson, stated she will return almost $9M ($12M CAD) in assets to the exchange’s bankruptcy trustee Ernst & Young, in Canada, for them to liquidate and return to QuadrigaCX’s stakeholders, including the users who lost funds in the exchange’s collapse.

Earlier this year, the exchange came under fire when Robertson and other affiliated entities of the exchange became aware that they could not access the company’s cold wallets containing the exchange’s crypto assets. The company’s founder, who passed away unexpectedly last December, was the only one with access to them.

In a statement published on Oct. 7, Robertson announced she had “entered into a voluntary settlement agreement where the vast majority of [her] assets and all of the Estate’s assets are being returned to QCX to benefit the Affected Users.”

Robertson also mentioned she had no knowledge of “[Cotten’s] improper actions in managing the QuadrigaCX business” and was unaware of her late husband’s trading activities, “nor his appropriation of the Affected User’s funds”, therefore she agreed to return the total value of Cotten’s estate, including luxury vehicles and properties in Nova Scotia, which had been estimated at roughly $9M.

In a report submitted by EY following Robertson’s statement, the firm advises the court to accept the settlement suggested by Robertson. The settlement includes Robertson not receiving any further payments as it had been agreed under a previous court order, and will allow her to keep around $162,700 in personal assets, including retirement savings and jewelry among other belongings. Also as part of the settlement, Robertson will provide a sworn statement including every asset she owns or any assets owned by the estate over the past five years.