QuadrigaCX CEO dies, takes password of $190 million value cryptocurrencies to grave

Cornelia Mascio
Febbraio 10, 2019

Gerald Cotten died of complications due to Crohn's disease in Jaipur, India. According to an in-depth research by research firm "Proof of Research", QuadrigaCX acted as a Ponzi scheme.

Gerald Cotten, a Nova Scotia resident originally from Ontario died suddenly while in Rajasthan on December 9, leaving his virtual company, QuadrigaCX, without access to $145 million in Bitcoins and other digital assets. "As such, BCSC does not regulate it", a BCSC spokesman Brian Kladko told Reuters.

The Canadian Securities Administrators, an umbrella organization for the country's provincial securities regulators, said no crypto-asset trading platform had "been regulated as a marketplace by Canadian securities regulators".

Gerald William Cotten is now dead and apparently he has taken to his grave passwords that would grant access to around $200-250 million worth of cryptocurrency that may never again be recovered.

"The BCSC. (has) been urging investors to exercise caution with regard to crypto-assets", the agency said Thursday.

Things became even more suspicious after it was revealed that Cotten had filed his last will and testament just 12 days before he died, in which he designated his wife has his only beneficiary as well as the executor of his estates.

However, not everyone is buying into that story, and some are claiming funds have been transferred out of the accounts since Cotten's death.

Nova Scotia Supreme Court Justice Michael Wood granted Quadriga a 30-day stay on Tuesday in a bid to stop any lawsuits from proceeding against the company at this time, the Canadian Press reported. All they need to have is some money to charm the government employees who issue the death certificate.

Fortis Escorts hospital in Jaipur issued a statement Thursday confirming that Cotten was admitted on December 8, 2018, at 9:45 p.m. and died from a cardiac arrest at 7:26 p.m. the next night, according to CoinDesk, an online publication that tracks the cryptocurrency industry.

The young Canadian man was already close to death when he was admitted to a hospital in the Indian city of Jaipur in early December. He was complaining of vomiting, watery stools and crampy abdominal pain. He also said that the hot wallet used for daily transactions had the largest balance.

Cotten was also registered as CEO of the company since December 2013. Cryptocurrency exchanges are not now regulated, but CSA is working on a plan.

Earlier a year ago, Quadriga was experiencing difficulties accessing CA$21.6m of its funds, when the Canadian Imperial Bank of Commerce (CIBC) froze five accounts belonging to the exchange's payment processor, Costodian Inc., and its owner, Jose Reyes.

Altre relazioniGrafFiotech

Discuti questo articolo

Segui i nostri GIORNALE