- 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.