QuadrigaCX founder’s widow hands over $9M in assets to repay users
It appears that Jennifer Robertson was able to find a way to make restitution after her deceased husband’s exchange fell into bankruptcy. The QuadrigaCX exchange left many cryptocurrency traders empty-handed when its founder, Gerald Cotton, passed away suddenly last year, and no one could figure out what happened to all the money. However, Robertson is reportedly now dumping assets in order to try and appease the exchange’s victims and is said to be able to come up with millions to cover the losses.
In an exclusive with CoinDesk, Robertson, stated through her lawyer, “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 [Gerald].”
Ernst & Young (EY), the accounting firm that has been serving as the trustee for the bankruptcy ordeal, released a separate report in which it indicates that Robertson will be giving up around $9 million worth of assets and the “right, title and interest in all assets including cash, investments, vehicles [including boats, planes and cars], loans (and related security), real estate (including the Kinross Property, which is to be vacated by October 31, 2019), personal belongings, and any further assets identified in the future.”
The good news is that Robertson will be able to keep around $162,700 in personal assets. Among these are included jewelry, certain personal furnishings, clothing, “issued and outstanding shares of the Controlled Entities and Quadriga Fintech Solutions Corp.,” a 2015 Jeep Cherokee and a retirement savings account worth around CAD$20,000 (about US$15,000).
Robertson issued a statement discussing the settlement yesterday, distancing herself from her husband’s activity. She stated, “As a result of the Monitor’s investigation, I have agreed to return to QCX assets that I had previously thought were purchased with [Gerald’s] legitimately earned profits, salary and dividends. I was upset and disappointed with [Gerald’s] activities as uncovered by the investigation when I first learned of them, and continue to be as we conclude this settlement.”
She will also have to provide a statement breaking down all of the assets she still owns, or which she owned over the past five years. If her sworn statement is found to not match what is uncovered in an independent audit, she could be held liable and could lose any assets she has been able to retain. No word was given on when the assets might be liquidated in order to pay off QuadrigaCX victims.
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