Miller Thomson, the Canadian law firm appointed to represent clients of the failed QuadrigaCX exchange, has hired consultancy services from Kroll to advance forensic investigations into the roughly $200 million loss in assets. The exchange’s woes began in late 2018 when the founder & CEO, Gerald Cotton, passed away. Stakeholders were left stranded since he was the only one purported to have had access to the cold wallets, where most funds held by the exchange had been transferred.

After almost a year and a half of back and forth in court, Miller Thompson is now forging ahead with assistance from Kroll and blockchain forensics, and AML focused company Coinfirm. While not much of the partnership details were shared, Kroll appears to have bagged a deal given an agreed fee of $38,000 ($50,000 CAD) and up to $114,000 ($150,000CAD) indemnity against any probable lawsuits. The update reads,

“The Kroll/Coinfirm partnership will use a combination of professionals as needed with experience in cryptocurrency, asset tracing/searching, asset recovery, fraud investigations, and data analytics.”

Gerald’s death came as a big blow to QuadrigaCX; the exchange barely survived the first quarter of 2019 following his demise. It was then that the exchange’s clients sought reprieve from the Canadian courts. Following the proceedings, Miller Thomson was selected as one of the representing law firms while audit giant Ernst & Young assumed the trustee role in recovery efforts. So far, only a mere $35 million has been recovered, with the immense reported loss still at large.

Notably, Miller Thomson had earlier on initiated an inquiry into Crypto Capital, which is suspected of having owed QuadrigaCX before its collapse. The law firm updated this progress in the latest creditors notice, confirming that Crypto Capital did not owe QuadrigaCX as per EY’s findings,

“Representative Counsel understands that based on the Trustee’s review of the information provided by Affected Users and information in its possession, there is currently insufficient evidence to establish that Crypto Capital owed any funds to Quadriga as of the date of bankruptcy.”

Despite this progress, the law firm was keen to point out that QuadrigaCX clients should not be in a hurry to get reimbursements. This is because of underlying protocols that eventually involve an audit by the Canadian Revenue Agency (CRA).

“The most material impact on the speed of distribution will be the CRA’s audit of Quadriga’s tax liabilities.”

The post Lawyers Hire Kroll & Coinfirm to Run Blockchain Transaction Analytics for QuadrigaCX first appeared on BitcoinExchangeGuide.

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