Widow Of QuadrigaCX’s Founder Will Use Her Funds To Repay Users

Widow of QuadrigaCX’s founder Gerald Cotton, Jennifer Robertson will transfer more than $9 million in assets to EY Canada which is the bankruptcy trustee for the now-defunct crypto exchange. The announcement was made for our latest crypto news.

Robertson announced in a statement on Monday saying that after her husband’s death last year she made a lot of efforts to assist the recovery of the funds of the exchange that went missing. Robertson and other Quadriga-affiliated entities realized that they do not have the assets to the company’s cold wallets after the exchange got hacked and therefore were not able to access any of the funds that the exchange held. In the statement that Robertson made we can read that:

 “I have now entered into a voluntary settlement agreement where the vast majority of my assets and all of the Estate’s assets are being returned to QCX to benefit the Affected Users. These assets originally came from QCX at the direction of Gerry.”

The settlement is still pending for approval from a judge. According to the new report by EY Canada, Roberston will be turning over all assets except for roughly $162,700 in personal assets including cash and retirement savings, jewelry and personal furnishings including some outstanding shares of Quadriga and affiliated entities. The previous report estimated that the total value of Cotten’s estate including $9 million in assets including luxury vehicles and a lot of properties in Nova Scotia. EY stated on for the Monday’s report that it intends to liquidate these assets for Quadriga’s stakeholders and the users who lost funds when the exchange got hacked.

The report noted that the settlement allowed the parties to avoid all of the unnecessary legal fees that would be incurred by litigation. As a part of the settlement, the widow of QuadrigaCX’s founder added she will no longer receive any payments under a previous court order and she said that she had ‘’no direct knowledge’’ of how the exchange operated and was unaware that Cotten had possibly scammed the clients and stole corporate founds:

 “Specifically, I was not aware of nor participated in Gerry’s trading activities, nor his appropriation of the Affected User’s funds.’’

Robertson will provide a sworn statement with all of the assets detailing what she owns or owned in the past five years as a part of the agreement and we will read further in the blockchain news.