QuadrigaCX Founder's Widow Will Cough Up $9 Million to Repay Users

Jennifer Robertson, the widow of QuadrigaCX founder Gerald Cotten, is transferring nearly $9 million in assets to EY Canada, the bankruptcy trustee for the now-defunct crypto exchange.

On Monday, saying since her husband's death late last year, she had "Made every effort" to assist in the recovery of QuadrigaCX's assets.

The exchange folded earlier this year, after Robertson and other Quadriga-affiliated entities realized they did not have access to the company's cold wallets, and therefore could not access any of the crypto assets the exchange held.

"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 Gerry."

According to a new report by EY Canada, Robertson will be turning over all assets except for roughly $162,700 in personal assets, which include cash, her retirement savings, a 2015 Jeep, some jewelry, personal furnishings, clothing and some outstanding shares of Quadriga and affiliated entities.

Estimated the total value of Cotten's estate to include roughly $9 million in assets, including luxury vehicles and more than a dozen properties in Nova Scotia.

EY said in Monday's report that it intends to liquidate these assets for Quadriga's stakeholders, including the users who lost funds when the exchange collapsed.

Further, as part of the settlement, Robertson will no longer receive any payments under a previous court order.

Monday's report further added that Robertson suggested a settlement offer after the auditor published its previous report in June 2019.

Robertson will provide a sworn statement detailing the assets she still owns or owned by the estate over the past five years as part of the settlement, and the agreement may be voided if she fails to disclose any of said assets.