The G-7 countries announced their commitment to enforcing forthcoming cryptocurrency regulations proposed by the Financial Stability Board (FSB) and the International Monetary Fund (IMF), aiming to boost confidence in the growing crypto industry and create a safer, more transparent environment for all participants.
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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.
Quadriga CX Payouts: Restoring Faith or Exposing Crypto Exchange Risks & Uncertainties?
Former users of bankrupt Canadian crypto exchange Quadriga CX are set to receive 13% of their claims, with Quadriga’s estate owing $222.3 million across 17,648 claims. This highlights the potential risks and uncertainties in trading and storing crypto assets, raising questions about future regulations and crypto exchange security.
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.