Former QuadrigaCX users will receive only 13% of their total claims as accounting giant Ernst & Young published a notice regarding the 13.094156% payout to each creditor. QuadrigaCX owes CAD $303.1 million across 17,648 claims, including Canada Post and Canada Revenue Agency. The exchange’s collapse in 2019 highlights the need for proper oversight and regulation in the crypto market.
Search Results for: QuadrigaCX
QuadrigaCX Interim Distribution: Hopeful Relief or Just a Fraction of Lost Funds?
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.
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.
The Rollercoaster Ride of DAOs: Marvel of Decentralization or Havoc Waiting to Happen?
“Decentralized autonomous organizations (DAOs) manage a massive $17.2 billion in value. However, DAO governance is filled with numerous failures, underlining the need for improved DAO infrastructure and governance. Challenges of balancing decentralization and efficient product-market fit persist. Tools like Senate and Goverland aim to integrate DAO voting into single platforms, enhancing participation.”
Navigating the Crypto Winter: A Professional Responsibility for Financial Advisors
Despite volatility and what’s known as a “crypto winter”, financial advisors need a clear awareness of cryptocurrency risks and benefits according to Noah Billick from Rennoco & Co. Advisors failing to comprehend crypto’s potential role in a client’s portfolio risk neglecting their fiduciary duties. Additionally, the crypto industry is steadily progressing, with improved custodial practices and regulatory developments leading the way.
Navigating Blockchain: The Canadian Strategy for Advancements and Challenges
Canada is accelerating its efforts in the global blockchain industry according to a Canadian House of Commons committee report. But alongside the potential of blockchain for cryptocurrency, supply chain, and financial innovations, it identifies the need for a regulatory framework, particularly for stablecoins. The report also warns of the risks that come with blockchain, highlighting the need for preparedness against “bad actors.”
Blockchain Future: Uncovering Pros, Cons, and the Quest for Balance
This Cointelegraph article explores the future of blockchain technology, markets, and safety, discussing its potential to disrupt industries, skepticism, market volatility, and security concerns. A balanced understanding of both benefits and drawbacks is essential for determining blockchain’s overall success and acceptance.