Affected Users:

This communication gives an update on a few matters in connection with this proceeding.

1. Exhumation Request

On instruction from the Official Committee, Representative Counsel issued a letter to the RCMP, on behalf of Affected Users, requesting the RCMP to exhume the body of Gerald Cotten to confirm his identity. A copy of the letter can be found here.

2. Update on the Claims Filing Process

Since the commencement of the claims process, the Trustee has continued to review claims. The Trustee has had multiple meetings, on a confidential basis, with the Official Committee and provided updates regarding their review of claims received. At the Trustee’s request, we have not provided an update on the overall number and dollar value of claims filed until the Trustee has completed its review.

3. Jennifer Robertson Settlement

The Trustee, in consultation with the Official Committee and Representative Counsel, continues to implement the settlement entered into by the Quadriga estates with Jennifer Robertson. In accordance with the settlement, the Trustee conducted examinations of Jennifer Robertson and Thomas Beazley under section 163 of the Bankruptcy and Insolvency Act. The Trustee, with the assistance of the Official Committee/Inspectors, is in the process of monetizing the assets for distribution to creditors.

4. CRA Production Demand

As reported in the Third Report of the Trustee, the Trustee received a letter from the CRA advising that the corporate income tax returns of QuadrigaCX were selected for audit. Pursuant to the Production Order granted by the Court, the Trustee was authorized to comply with requests of the CRA, subject to Representative Counsel’s right to seek relief of the Court. After reviewing the request from the CRA, Representative Counsel and the Official Committee expressed concerns regarding the flow of Affected Users’ personal information to the CRA. By instruction from the Official Committee, Representative Counsel is currently working with the Trustee and the CRA to address the Official Committee’s concerns.

Communicating with Representative Counsel

If you have any further questions, the Official Committee can be contacted at @qcxcommittee on Twitter. Alternately, if you have a question for Representative Counsel, please ensure the following details are included in your email to quadrigacx@millerthomson.com:

Your full name;

Your QuadrigaCX ID;

The amount of your claim; and

The nature of your claim.

If you do not provide the information listed above, you may not receive a response from Representative Counsel. Representative Counsel is committed to responding to Affected Users, rather than members of the general public or media.