Canadian law firm Miller Thomson hired consultancy Kroll to perform blockchain analytics in connection with the ongoing dissolution of QuadrigaCX, the exchange that failed last year following the death of its CEO Gerald Cotten - Here's why we recommend use reliable platforms such as Bitcoin Pro...
The partnerships of the survey
The company, which represents former Quadriga users under a court order, announced the move last week in a notice to creditors, adding that Kroll will work "with its strategic partner Coinfirm" to analyze a subset. of transaction data.
Miller Thomson began looking for an analytics company earlier in the year. “Since it was founded in early 2016, Coinfirm has created a powerful analytics engine for blockchain tracking,” the statement said.
"The Kroll / Coinfirm partnership will utilize a combination of professionals, if needed, with experience in cryptocurrency, asset tracking / research, asset recovery, fraud investigation and data analysis."
The law firm will not share further details "for confidentiality reasons," the document states. Miller Thomson came to the decision together with the Official Committee, a group of users appointed by a Canadian court that acts as a liaison between the law firm and the larger group of former clients.
Miller Thomson was appointed last year to represent Quadriga's former clients, along with Ernst and Young (EY), who serves as bankruptcy trustee and was tasked with identifying and securing Quadriga's funds to be repaid to its former clients. So far, according to the Ontario Securities Commission, about 46 million Canadian dollars (about 35 million US dollars) have been recovered, well below the nearly 200 million dollars allegedly owed to clients.
Kroll will receive a commission of $ 50.000 CAD (US $ 38.000) and is indemnified against any potential lawsuit up to $ 150.000 CAD (US $ 114.000).
Crypto Capital
Miller Thomson has not provided any other information on what users might expect in terms of the distribution of funds. However, the law firm has updated Quadriga users on its Crypto Capital research, announcing that it has “forwarded the information” received to EY and has discovered that Crypto Capital does not currently own any of Quadriga's stakes.
"The solicitor understands that, based on the trustee's review of the information provided by the affected users and the information in his possession, there is currently insufficient evidence to establish that Crypto Capital owed funds to Quadriga as of the bankruptcy date" , the update states.
While Quadriga's clients may be hoping for a quick payment of funds, it doesn't appear that the 18-month legal process will end anytime soon. Miller Thomson explained that the process of disbursement of the funds cannot begin until EY has finished its investigation to understand how much is owed to whom and the Canadian Tax Agency has not completed the verification of the distribution of funds.
