The long-awaited interim distribution of funds for QuadrigaCX creditors is set to commence, offering hope to recover a portion of their lost funds. However, only $34.3 million worth of crypto has been recovered, while QuadrigaCX owes customers an estimated $160 million, highlighting the importance of caution when dealing with cryptocurrency exchanges.
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QuadrigaCX Update: Navigating Trust in Crypto Exchanges Amid Insolvency and Scams
Bankruptcy trustee Ernest & Young announced the interim distribution of funds tied to QuadrigaCX’s bankruptcy proceedings, scheduled “in the coming weeks.” The once-largest Canadian crypto exchange owes clients around $160 million. Users should remain vigilant in assessing the reliability of cryptocurrency exchanges while engaging in the crypto markets.