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Canada Revenues Agency Goes After QuadrigaCX Taxes

Canada Revenues Agency Goes After QuadrigaCX Taxes
QuadrigaCX, the Canadian crypto exchange that closed in January 2019, went through an arduous process and a bankruptcy procedure. Now, the taxman moves in for their cut, demanding tax returns dated between October 2015 and September 2018.

The Canada Revenues Agency has turned its attention to the potential hidden revenues of QuadrigaCX. The Globe and Mail reported that the Trustee on the QuadrigaCX bankruptcy case has provided the tax returns files for past earnings. Until now, QuadrigaCX has faced investigations by the FBI, as well as the Canadian Royal Mounted Police.
Cold Wallets Were Never Discovered
Ernst&Young was first appointed as a Monitor, and later as a Trustee when QuadrigaCX entered a bankruptcy procedure. The auditing firm provided thorough research of the company’s assets, aiming to uncover the exchange’s alleged vast reserves of Bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH). Unfortunately, the research did not yield any addresses, and it turned out over the course of its life, QuadrigaCX may have been emptied out of both crypto and cash reserves.
The exchange’s owner, Gerald Cotten, was pronounced dead in India at the end of 2018, about a month before the exchange closed. Initially, it was believed Cotten controlled large wallets, and his death led to the loss of private keys. But later, investigations showed that the finances of QuadrigaCX were in disarray. Funds from the exchange were used privately, and the Cotten estate acquired houses and other luxury items.
The traders on the exchange were left to divvy up only the small remnants of bank accounts and a little more than 100 BTC.
Traders Left with Little to Divide
The losses from QuadrigaCX were estimated roughly between $72 and $134 million. The exchange took the funds of several large-scale traders, who deposited funds on the exchange just days before closing.
Investigations showed that over the years, funds from QuadrigaCX regularly moved to the Kraken exchange. The European market is one of the exchanges offering liquidation for cash. QuadrigaCX was also used to move from crypto to cash, thus attracting large-scale sales.
The bankruptcy of QuadrigaCX has affected an estimated 115,000 traders. The long and detailed investigation, spearheaded by Ernst&Young and a handful of legal teams, cut into the funds available for creditor redistribution. The tax agency’s investigation may incur additional fees, warned the Trustee.
What do you think about the QuadrigaCX bankruptcy? Share your thoughts in the comments section below!

 
The post Canada Revenues Agency Goes After QuadrigaCX Taxes appeared first on Bitcoinist.com .

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