Jennifer Robertson is seeking reimbursement for the C$300,000 she spent to secure court-approved creditor protection for QuadrigaCX.
Coin Rivet has been reporting on the QuadrigaCX saga which started with the untimely death of CEO Gerald Cotten.
Mr Cotten was reportedly the only person at QuadrigaCX who had the private keys to access the exchange’s funds. It is believed that around $190 million worth of funds had been lost as a result of the incident.
A report from Ernst & Young – the monitor for the case – has also revealed that since April 2018, five out of six cold wallets belonging to QuadrigaCX were found to be ‘empty‘.
QuadrigaCX has since been granted an additional 45-day period to find the missing funds.
The shuttered cryptocurrency exchange sought court-approved creditor protection to keep clients owed millions at bay while it searches for the missing funds. Robertson fronted the money, which set her back C$300,000.
According to Bloomberg, half of this money has been spent on professional fees tied to filing for the Companies’ Creditors Arrangement Act alongside appointing new directors for the firm.
Robertson is now requesting that she be reimbursed for the money she fronted – while Quadriga customers are still without their money.
QuadrigaCX has set aside C$24.7 million in a disbursement account, according to a report from Ernst & Young.
Reportedly, the cash flow report signed by Robertson on March 1st 2019 reveals there will be C$1.1 million in disbursements from March 2nd to March 8th.
This includes C$300,000 for “repayment of shareholder advances” alongside C$200,000 for Ernst & Young.
An additional C$250,000 will be given to Ernst & Young’s lawyers while C$229,842 will be given to Quadriga’s lawyers.
Finally, C$17,000 will be given to independent contractors.
Robertson’s repayment has reportedly concerned the law firm representing QuadrigaCX clients who are still owed C$260 million in cash and crypto following the firm’s closure.
Have you missed the drama surrounding QuadrigaCX? Discover how five out of six cold wallets belonging to the exchange were found to be ’empty’.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.