Quadriga Fintech Solutions Corp., formerly one of Canada’s largest cryptocurrency exchanges, concluded its bankruptcy proceedings in June 2024. The case stemmed from the sudden death of CEO Gerald Cotten in December 2018, which resulted in the loss of access to approximately C$190 million in cryptocurrency held in cold wallets. At the time of filing for creditor protection under the Companies’ Creditors Arrangement Act (CCAA) in February 2019, Quadriga owed over C$260 million to 92,000 users, with liabilities ultimately reported at C$215.7 million and assets of about C$28 million.

Ernst & Young Inc. was appointed as monitor and subsequently as trustee when the proceedings converted to bankruptcy under the Bankruptcy and Insolvency Act.