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Regulatory Series on Cryptocurrencies: Saga of QuadrigaCX Continues As Canadian Revenue Agency Gears up For Tax-Audits
Ever since the sudden demise of Gerald Cotten, the CEO of QuadrigaCX, it was a big shocker for many QuadrigaCX’s investors. Since he mysteriously died in the last December 2018, during the travel to India, the saga has begun for the company, approximately about 250 million Canadian dollar owing to their clients went disappeared or could not be traceable as Mr. Cotten was only the authorized person to access the off-line cold wallets.
Moreover, he happened to have set up the fake crypto exchange accounts with clients funds.
While FBI and Royal Canadian Mounted cops have taken up the case to probe the matter of missing 250 million Canadian dollars.
Nevertheless, the risk events escalated swiftly to the bankruptcy trustee EY (Ernst & Young), who runs the exchange’s insolvency trials.
For now, the Canadian Tax Authority, CRA (Canadian Revenue Agency) has initiated an audit for the tax returns on the already doomed crypto exchange. Court has appointed the bankruptcy trustee Ernst & Young for this case.
While the CRA (Canada Revenue Agency) and the federal & provincial governmental authorities have been probing the crypto-business operations in Canada pertaining to QuadragaCX and generate tax incentives.
EY revealed that the CRA needs the information about QuadrigaCX, stating: “the Trustee intends to discuss the request for information with CRA Audit and their counsel and will return to Court for further direction, if necessary.”