Markets

Details emerging about Gerald Cotten, the young founder of QuadrigaCX

Details emerging about Gerald Cotten, the young founder of QuadrigaCX

Those using the now embattled cryptocurrency exchange QuadrigaCX won't be able to count on support from British Columbia's securities regulator, the British Columbia Securities Commission, as it wasn't regulated by the agency.

In other words, Cotten died as the only person with access to $147 million in digital assets belonging to the exchange's customers.

One of the top Reddit threads within the QuadrigaCX community is about whether somebody is "interested in getting someone on the ground in India to investigate Gerry's death".

Quadriga CX was given creditor protection this week in Nova Scotia Supreme Court, essentially halting any legal claims against it. Cotten resided near Halifax, Nova Scotia.

Two separate documents released previously - a statement of death issued from J.A. Snow Funeral Home and a death certificate issued from the Government of Rajasthan's Directorate of Economics and Statistics - also state that Cotten died on December 9, 2018 in Jaipur, the state capital of Rajasthan.

The report notes that the beginning number of the wallet addresses ('3') denoted that the wallets used by QuadrigaCX all had multi-signature capability, but it was unknown if the security feature was ever implemented.

Canadian Securities Administrators are urging Canadians to be cautious about investing in trading platforms through its awareness campaign.

The Canadian regulator said it has been aware of the company's operations since 2017 but has not had any indication that it was trading in securities or derivatives or if it operated as an exchange, which would put it under its purview. The firm declared that they couldn't access the funds because they were kept in cold storage on Cotten's laptop to which he had the sole access. In a will that Cotten filed about 12 days before he died, he decided that the only beneficiary and executor for his estate was to be his wife, Jennifer Robertson.




Sometime around that time Gerald William Cotten apparently came to India.

According to Fortis Escorts Hospital, Cotten succumbed to a heart attack on December 9 a year ago.

She said Cotten died from complications linked to the disease, which disrupts digestion by causing inflammation of the bowels.

The outlet also reports that Cotten, "complained of watery stools, vomiting, crampy abdominal pain and was feeling feverish".

He is also said to have been an advisor for Crypto Consortium and served as a Director of the Vancouver Bitcoin Co- Op. Doctors diagnosed "septic shock, perforation, peritonitis, intestinal obstruction" upon admission.

Additionally, the article mentioned Cotten completed his will just two weeks prior to his death, leaving some of his funds and property to his dogs and wife.

Next, reports emerged that the cryptocurrency exchange was not even regulated as it claimed to be. The bank purportedly froze the accounts due to an inability to identify the funds' owners.


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