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Globe says OSC told QuadrigaCX widow surrenders assets

2019-10-08 08:07 ET - In the News

The Globe and Mail reports in its Tuesday edition that the widow of Gerald Cotten, the late founder of QuadrigaCX, has reached a settlement to transfer "nearly all" of her assets to the trustee overseeing the cryptocurrency exchange's bankruptcy. The Globe's Alexandra Posadzki and Joe Castaldo write that Ernst & Young said in a report released Monday that Jennifer Robertson has agreed to hand over about $12-million in assets, including real estate properties, a boat and a Cessna 400 airplane. The trustee said it plans to sell the assets and pay the funds to the exchange's users, who are collectively owed $214.6-million. "This settlement will allow me to move on with the next chapter of my life," Ms. Robertson said in a statement Monday. The settlement avoids costly litigation. Quadriga, once Canada's largest cryptocurrency exchange, was closed earlier this year after the sudden death of its 30-year-old chief executive officer and sole director. Mr. Cotten died of complications from Crohn's disease last December in India. Since then, about 76,000 of the exchange's users have not been able to access their money. Mr. Cotten made "substantial" transfers to his own personal accounts, Ernst & Young said.

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