Cryptocurrency CEO Dies Leaving Rs 1000 Crore of Virtual Currency in Lurch: Several Passwords Buried With His Grave
11 February, 2019, 14:13
QuadrigaCX, the Canadian crypto exchange, fell into a quagmire after the death of its CEOGerald Cotten which left $215 million user funds trapped in his laptop.
Cotten died December 9 of complications due to Crohn's disease in Jaipur, India, according to Robertson's affidavit and a statement of death from J.A. Snow Funeral Home in Halifax, dated December 12. Stockholders in QuadrigaCX, Canada's largest cryptocurrency exchange, were incompetent to access their funds after its founder, Gerald Cotten, died in 2018.
"Many of the digital currencies held by Quadriga are stored offline in accounts known as "cold wallets", a way of protecting them from hackers and Cotten is the only person with access to the wallets, according to the company", CNNreported. The court filing also shows that QuadrigaCX now holds: 26,500 BTC worth about $92.3 million; 11,000 Bitcoin Cash (BCH) worth about $1.3 million and another 11,000 Bitcoin Cash SV (BSV) worth about $707,000.
The death of a Canadian entrepreneur has left a huge stash of cryptocurrencies locked off from the people who own them. However, following the confirmation of Cottons death certificate this week, the Fortis Escorts hospital were Cotton passed away have now also released a statement.
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.
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".
Robertson, in an affidavit filed January 31, said she was not involved in the business, and she insisted Cotten - as QuadrigaCX's CEO and sole director - was the only person with access to the private digital keys.
Court documents attached to the will include a statement of death from the J.A. Snow Funeral Home in Halifax, dated December 12, which says Cotten died in Jaipur on December 9.
Cotten's death has caused worldwide news after it was revealed the QuadrigaCX exchange owes millions to its customers.
She said Cotten died from complications linked to the disease, which disrupts digestion by causing inflammation of the bowels.
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.
The RCMP is aware of the allegations against Quadriga CX.
The Canadian Securities Administrators [CSA], the watchdog of provincial security regulators, said that there were no cryptocurrency trading firms that have been regulated as a trading platform by security regulators.
Nova Scotia's high court granted the application made by Cotten's widow Jennifer Robertson on behalf of the company, which has also stopped currency trading on its platform.
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