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Globe says OSC told QuadrigaCX undergoing CRA audit

2019-09-17 08:18 ET - In the News

The Globe and Mail reports in its Tuesday edition that Canada Revenue Agency is examining the corporate tax returns filed by QuadrigaCX, according to the trustee overseeing the bankruptcy of what was once Canada's largest cryptocurrency exchange. The Globe's Alexandra Posadzki RCMP, the Ontario Securities Commission and the U.S. FBI are all probing the exchange's collapse, which saw 76,000 of the exchange's users lose access to $214.6-million of their cryptocurrency holdings. Quadriga was shuttered earlier this year after the sudden death of its 30-year-old chief executive officer Gerald Cotten last December. Mr. Cotten was honeymooning in India when he died of complications relating to Crohn's disease, taking with him the passwords needed to access the company's cryptocurrency reserves.Bankruptcy trustee Ernst & Young said it received a letter dated Aug. 15 from CRA, which states that Quadriga's tax returns from Oct. 1, 2015, to Sept. 30, 2018, have been chosen for audit. The CRA's request for documents and information is "significant," the trustee notes in a report dated Sept. 11. E&Y says it will discuss the request for information with CRA Audit and may return to court for further direction.

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