QuadrigaCX Users That Lost Funds After Owners Death Can Now Cash Out Claims With Argo Partners

The cryptocurrency industry has faced many challenges through the years, but one of the most publicized travesties has been that of QuadrigaCX. However, if one New York investment firm has it their way, they may be able to purchase some claims from the clients involved. What challenges might arise in the process?

  • QuadrigaCX shut down operations over a year ago when the founder and CEO passed away.
  • Argo Partners doesn’t know how many creditors are involved, or how much they stand to receive in their claims.

The story of QuadrigaCX’s demise is a tumultuous and confusing one, at best. After founder and CEO Gerald Cotten died in December 2018, the company was revealed to be severely in debt, leading to months of hearings as the platform worked to find the funds that they’d lost. Many angry creditors pushed to get their funds back, which was the responsibility of Ernst & Young. However, there’s another option that could be available.

According to reports from CoinDesk, there’s an investment fund in New York, Argo Partners, that is seeking out the opportunity to buy claims from the former QuadrigaCX users. Zeeshan Aziz, the co-manager of the trading desk at Argo, stated that anyone who wants to speed up their own case may be able to sell their rights to the firm to cash out sooner.

While it is still early in the efforts of QuadrigaCX to rekindle the funds, and Argo would definitely be facing a lot of troubles in the process, this could still become a reality. Aziz admits that the firm doesn’t know yet how many creditors chose to make claims, how big the claims may end up being, or even what the return on the claims could be. Aziz stated,

“Typically, when Argo is buying claims – as an example Toys ‘R’ Us – all creditors we would buy claims from, their information is public. Toys ‘R’ Us tells us exactly who they owe money to and how much they owe.”

Luckily, Argo is familiar with the crypto industry, and even put up a page that showed their interest in purchasing the claims last year. Previously, Argo had even worked to purchase the claims of creditors involved with the Mt. Gox attack.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,466FansLike
2,795FollowersFollow
4,236FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitfinex Offers $400M Reward For Info on 120k BTC Stolen in 2016; Hackers Can Collect Too

On August 2, 2016, Bitfinex experienced one of the biggest crypto heists of all time, as hackers exploited the system, running off with approximately...

Crypto Trading Platform, 2gether, Unable To Refund $1.4M Hack; Offers Its Native Tokens

Spanish cryptocurrency trading app, 2gether announced on Sunday the platform faced a hack on July 31 on its investment coffers losing €1.183 million ($1.4...

Venture Fund to Invest Majority of $100 Million Raised Fund in DeFi Protocols

San Francisco-based venture fund Electric Capital has raised $100 million from university endowments and other non-profits and it will be using this to invest...

Filecoin to Begins its Incentivized Testnet This Week Ahead of Project Launch Next Month

Crypto project Filecoin which proposes to create a peer-to-peer storage system, will begin its incentivized testnet this week. This testnet will allow users to...

Ethereum 2.0 Final Testnet, Medalla, Rolls Out; Is A 2020 Launch Now In Sight?

The Ethereum 2.0 Phase 0 Medalla public testnet finally went live on August 4, 2020 at around 1AM GMT giving hope of a possible...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today