In Quadriga's legal filings it says it now owes roughly 115,000 users $70 million in currency, plus an additional $180 million worth of cryptocurrencies, based on market prices in December - most of which can't be accessed.
In a filing Thursday for creditor protection with the Supreme Court of Nova Scotia, Jennifer Robertson, Cotten's window, said his death left the company unable to access the bulk of its crypto-currency funds, CBC News reported.
Some even claim that the company's 30-year-old CEO Gerald Cotten may have faked his death, and could be alive and well, hiding out in India having "absconded" with the missing funds. A consultant is reportedly working to gain access now but has thus far been unsuccessful in those efforts.
A court file indicates Quadriga owes 115,000 users the equivalent of C$250 million ($190.46 million).
The troubled company has applied for creditor protection as it struggles to access its funds and repay its customers.
Access to Quadriga CX's digital "wallets" - an application that stores the keys to send and receive cryptocurrencies - appears to have been lost with the passing of Quadriga CX Chief Executive Officer Gerald Cotten, who died December 9 in India from complications of Crohn's disease.
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Robertson also told the court she could not locate his passwords or business records for the company.
"Without access to the Affected Funds, Quadriga was unable to satisfy withdraw requests of users resulting in significant delays for users receiving funds from Quadriga", it said in the application.
Canadian crypto exchange QuadrigaCX owes its customers about $190 (249 million Canadian dollars). "Despite repeated and diligent searches, I have not been able to find them written down anywhere", she writes.
The company is also investigating whether some of the cryptocurrency could be secured on other exchanges, according to court files.
Ms Robertson added in the affidavit that she and her colleagues have had threats made against them from online cryptocurrency communities - especially from Reddit users.
The death of a Canadian entrepreneur has left a huge stash of cryptocurrencies locked off from the people who own them.