Missing QuadrigaCX Funds Linked to Crypto Capital


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Miller Thomson LLP, lawyers representing users of the now-defunct Canadian cryptocurrency exchange, QuadrigaCX, are investigating Crypto Capital’s connection with the former Canadian exchange. According to the lawyers, Crypto Capital could be holding any funds belonging to QuadrigaCX.

A ‘Ray of Hope’ for QuadrigaCX Victims?

In a recent letter published on its website to QuadrigaCX victims, Miller Thomson is calling on the victims to help out with any information they may have on Crypto Capital, a shadow bank based in Panama. 

An excerpt from the publication reads:

“As you are aware, Ernst  & Young Inc. (the  “Trustee”) has been unable to locate QuadrigaCX’s basic corporate records or accounting records. As a result, Representative Counsel is asking Affected Users for assistance on this matter to uncover whether Crypto Capital held Quadriga funds”.

The letter goes further to show ways in which the victims can help with information to reveal if the shadow bank held funds for the defunct crypto exchange. Some of the ways listed in the letter include financial statements, correspondences, and emails that could link Crypto capital to the missing QuadrigaCX funds. 

Apart from soliciting cooperation from the affected users, the lawyers’ letter mentioned the ongoing case that Crypto Capital has with the U.S. Department of Justice (DoJ). Furthermore, the letter noted the claim by Bitfinex crypto exchange about being defrauded by the shadow bank. 

Crypto Capital has been an integral player in the legal battle between Bitfinex and the office of the New York Attorney General. The crypto exchange was accused by the NYAG of misappropriating about $800 million worth of customers’ funds. Also, Bitfinex’s parent company, iFinex, was accused of using Crypto Capital to carry out shadow banking. 

However, in a new court filing, Bitfinex, through its parent company, iFinex, has asked for access to $800 million held by Crypto Capital and seized by the FBI, maintaining that the funds are legitimate. 

If Miller Thomson is able to prove that there is a solid link between QuadrigaCX and the shadow bank, then there is hope that the victims could get their funds back.

QuadrigaCX: An Unending Crypto Saga

The QuadrigaCX case is like an onion with many layers, which give way to new revelations each time a layer is peeled off. Following the demise of the CEO, Gerald Cotten, a year ago, about 76,000 victims of the former crypto exchange have been struggling to get their funds back. 

In September 2019, the Nova Scotia Supreme Court approved the relocation of the bankruptcy proceedings to Toronto, where most of the victims reside. 

Furthermore, Miller Thomson, lawyers representing the QuadrigaCX victims, wrote a letter to the Royal Canadian Mounted Police, requesting to exhume the body of the CEO. According to the lawyers, an exhumation and a post-mortem would confirm if indeed the CEO is dead and find out the cause of death. 

Per a recent report by BTCManager, the FBI is working with the affected users to unlock the QuadrigaCX mystery.

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