- QuadrigaCX’s former users are running out of patience with Miller Thomson and EY, the court-appointed companies tasked with recovering their missing funds.
- The users want more transparency into EY’s investigation of Quadriga’s missing funds, as well as a better understanding of how the audit firm accidentally lost 103 bitcoin earlier this year.
- Some users are contemplating finding new legal representation due to their frustrations with Miller Thomson.
Former QuadrigaCX users are losing patience with their court-appointed lawyers and looking for answers about how more than 100 bitcoins were “inadvertently” lost.
QuadrigaCX, once Canada’s largest crypto exchange, collapsed virtually overnight earlier this year after CEO Gerald Cotten died while traveling in India. An affidavit filed by Cotten’s widow said the exchange owed customers as much as $190 million ($250 million CAD).
The Nova Scotia Supreme Court, which is overseeing the company’s unwinding, appointed Big Four auditor Ernst & Young (EY) as monitor to try to recover funds for the exchange’s customers, and law firms Miller Thomson and Cox & Palmer (Miller Thomson’s Nova Scotia-based local partner) as counsel to represent these customers’ interests.
However, some of these creditors believe Miller Thomson and EY are failing to keep costs down or recover user funds. Much of this frustration stems from the 103 bitcoins that were accidentally transferred into wallets whose passwords were known only to the late founder, several creditors told CoinDesk. Unless the passwords are recovered, there’s no way to get the bitcoin back.
The blunder occurred in February, and at the time, the lost bitcoin was worth some $375,000 ($500,000 CAD).