Hey Creditor, Here’s a Little Cash

It seems like creditors of the infamous Canadian crypto exchange QuadrigaCX are finally getting a taste of some hard cash. Hold onto your seats because the interim dividend is set to be 13% of their total claims! Yes, you heard that right – not a taco truck’s worth of change, but a whole 13%. The trustees at Ernst & Young (EY) have announced that each creditor with a verified claim will receive precisely 13.094156% of their proven claim, post the obligatory tax deduction.

The Fine Print: What to Expect

According to the notice from EY, this interim dividend allows for distributing around 87% of the funds currently on hand. Not too shabby, right? But here’s the kicker: the remaining funds are being kept on ice for future management expenses associated with the ongoing bankruptcy saga. So, don’t go spending all your newfound wealth just yet.

Who’s Getting What?

Now, let’s break it down:

• 15,356 claimants are owed between $0 to $10,000.
• 1,784 folks hold claims anywhere from $10,000 to $49,999.
• A mere 15 lucky creditors are raking in over $1 million each!
• The Canada Revenue Agency is in the mix, owed about 11.7 million CAD in back taxes. Ouch!

Bitcoin Returns: Not Quite Jackpot Level

For those who had their crypto assets in the QuadrigaCX pot, the value was translated into cash based on Bitcoin’s value as of April 15, 2019. If you were one of the folks holding onto 1 Bitcoin (BTC), brace yourself: you’ll be receiving roughly 6,739 CAD ($4,933) with 13% of that amount making its way back to you fairly soon.

The Million-Dollar Question: When Will I Get My Money?

While nobody’s rolling out the red carpet yet, the law firm representing the creditors, Miller Thomson, hinted that dividend disbursements might start trickling out in the coming weeks. So stay tuned, people; your wallets might soon be a bit heavier than they are now!

The Ghost of QuadrigaCX

QuadrigaCX was once a giant in the Canadian crypto landscape, but it fell from grace spectacularly in 2019 after the untimely death of its co-founder, Gerald Cotten, in India. Sadly, he also took the private keys to the company’s crypto hoard with him. Talk about taking your secrets to the grave – a real-life crypto horror story for the ages!