QuadrigaCX Creditors’ Representative Counsel Appoints Official Committee

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An official committee has recently been appointed by Miller Thomson and Cox & Palmer to help the Canadian law firms in its role as the representative counsel to over 115,000 former users of the now-defunct crypto trading platform QuadrigaCX.

According to a court notice released March 19, Miller Thompson had selected a number of former QuadrigaCX customers as its Official Committee of Affected Users to help guide the case involving the embattled Canadian exchange, with Ernst & Young (EY) serving as QuadrigaCX’s court-appointed monitor tasked to oversee the recovery of over $136 million worth of missing digital assets.

Undersigned by EY and Nova Scotia Supreme Court Judge Michael Wood, the legal filing had assigned several QuadrigaCX creditors as part of the committee, including Eric Bachour, David Ballagh, Nicolas Deziel, Magdalena Gronowska, Ryan Kneer, Parham Pakjou, Eric Stevens, with Marian Drumea and Richard Kagerer serving as alternates.

Notably, committee member Bachour was also a former customer of the now-infamous crypto exchange Mt. Gox.

As indicated in the filing:

“Bachour is also a creditor of Mt. Gox in 2013, and has direct experience with arbitrage and market trading in cryptocurrency. Through the Mt. Gox process he gained exposure to the legal side of bankruptcy and insolvency.”

According to the court notice, the committee was primarily established to provide Miller Thomson and Cox & Palmer with “input and direction” by communicating with other aggrieved creditors as well as reviewing the representative counsel’s submitted court documents.

The appointed committee was selected from a pool of 119 applicants, with 960 creditors currently seeking legal assistance from the law firms to claim losses.