QuadrigaCX Collapse: Creditors to Receive Only 13% of Claims, Raising Crypto Market Concerns

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.

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.”