It’s been a long and winding road with many twists and turns for the beleaguered cryptocurrency exchange QuadrigaCX and its 115,000 former users who are owed roughly $190 million.On April 8, 2019, the case reached a critical fork in the road as a court, recognizing that attempts to restructure the exchange have failed, appointed business services firm Ernst & Young as the exchange’s Trustee in Bankruptcy to watch over bankruptcy proceedings. It will also assume control of all of QuadrigaCX’s assets.Ernst & Young Takes ControlWith QuadrigaCX moving into bankruptcy, it appears that Ernst & Young now becomes the dominant player in this ongoing drama as previously appointed Chief Restructuring Officer Grant Thornton will no longer be involved.“EY will continue its investigation, but once it is the trustee, it will have greater powers to do so,” attorney Evan Thomas of Osler, Hoskin & Harcourt told Bitcoin Magazine. “This includes the power to examine people who have relevant information under oath.”Critically, Ernst & Young will also have the ability to seize the exchange’s assets.“The trustee can also sell QuadrigaCX's assets and start lawsuits to recover property or damages,” Thomas said. “The trustee will collect whatever it can recover for eventual distribution to creditors.”The next step is a meeting of creditors who will elect a Board of Inspectors to oversee the work of Ernst & Young and grant...
