Cryptocurrency exchange QuadrigaCX should declare bankruptcy, EY says


Defunct cryptocurrency exchange QuadrigaCX’s should enter bankruptcy proceedings in a bid to minimize costs and facilitate the recovery of assets for creditors, according to a report by Ernst & Young (EY), its court appointed monitor. Additionally, the report says that Gerald Cotten, the exchange‘s late founder, appeared to mix personal and business affairs, and that he could have used the company‘s funds to acquire assets outside the business. In the report, EY also said the possibility of Quadriga coming out of restructuring appeared remote, adding that the investigation to recover assets could be handled more efficiently in bankruptcy. As part of the bankruptcy…

This story continues at The Next Web

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