After QuadrigaCX was granted its initial 30-day stay of creditor proceedings at the beginning of February, Nova Scotia Supreme Court Judge Michael Wood chose law firms Miller Thomson and Cox & Palmer to represent as many as 115,000 QuadrigaCX users affected by the exchange's ongoing collapse. Now, as the days wind down after the exchange was given an additional 45-day extension on their stay of proceedings, Miller Thomson and Cox & Palmer have put together the "Official Committee of Affected Users" in order to provide the two law firms with input and direction.
According to the court document, the official committee is made up of five to seven users affected by the shutdown of QuadrigaCX. Of the 119 applications the two law firms have received from users, seven committee members and two alternates have already been chosen.
After a round of interviews, the committee members were chosen based on their experience with Canadian insolvency proceedings, education, and the nature of their claims against QuadrigaCX. The committee members each have varying fields of expertise, including cybersecurity consulting, economic policy development, and blockchain integration and web development. Strangely enough, committee member Eric Bachour was also a creditor of MtGox in 2013, which the two law firms say gave him "exposure to the legal side of bankruptcy and insolvency."
As committee members, the participants are expected to communicate with the exchange's affected users regarding the creditor protection proceedings through conference calls, email, reddit, and the committee's own website. The committee will also be acting as a liaison between the two law firms and QuadrigaCX's court-appointed monitor, Ernst & Young (EY), in order to ensure the work being done on the monitor's part lines up with the "interests of Affected Users."
As for QuadrigaCX's creditor proceedings, EY has yet to release updated information regarding the state of the exchange's missing funds hidden within the encrypted laptop of Gerry Cotten, the Quadriga CEO who passed away in December 2018, taking the exchange's access to its cold wallets along with him. At the beginning of March, EY published its third report, indicating QuadrigaCX's bitcoin cold wallets no longer held any funds. The monitor has yet to comment on the existence of 11,378 bitcoin cash, 11,149 bitcoin cash SV, 35,230 bitcoin gold, 199,888 Litecoin, and 429,966 Ether, which the exchange claims to hold in its inaccessible cold wallets.