Details emerging about Gerald Cotten, the young founder of QuadrigaCX

  • Details emerging about Gerald Cotten, the young founder of QuadrigaCX

Details emerging about Gerald Cotten, the young founder of QuadrigaCX

Canadian cryptocurrency exchange QuadrigaCX is not regulated by the British Columbia Securities Commission (BCSC), the province's financial regulator, Reuters reported, as the crypto firm founder's death has left millions of dollars in cryptocurrencies locked. According to an in-depth research by research firm "Proof of Research", QuadrigaCX acted as a Ponzi scheme.

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. "I do not know the password or recovery key", CoinDesk quoted her as saying in an affidavit. The certificate, which has been unable to verify, is dated December 13 and says that one "Gerald William Cottan" died at the Fortis Escorts Hospital, located in Jaipur's Malviya Nagar.

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

This pattern does not look set to change, as the Canadian Securities Administrators (CSA) also issued another curtly worded statement on the matter, warning Canadian consumers against using crypto exchange platforms which it is keen to point out are all now unrecognised by the CSA or any other Canadian securities regulator.

The company filed for creditor protection in the Nova Scotia Supreme Court on Thursday. His vital kept deteriorating and he developed recurrent episodes of cardiac arrest before being declared dead at 7.26pm.

The crypto community, in general, is treating Cotten's death with skepticism. Spokesperson for Fortis Escorts Pragya Sharma confirmed his admission and death at the hospital.

According to documents availed by the hospital, Cotten was admitted to the healthcare facility on December 8. Cotton had complained of watery stools, vomiting, cramps and abdominal pain.

Meanwhile, industry critics have come forward to say the QuadrigaCX debacle has proven to be a major embarrassment for Canada's cryptocurrency industry, which includes more than a dozen exchanges across the country. In the hours that followed doctors tried in vain to save him from a raging fever, septic shock and a perforated intestine.

Back in India, Rajasthan police's NOC (no-objection certificate) to Robertson on December 10, 2018 raised several doubts. In a Facebook post on December 4, the crypto exchange said that certain funds that were held because of its legal problems were being released. But new findings suggest that QuadrigaCX did not have a Bitcoin and Ethereum cold wallet. The bank purportedly froze the accounts due to an inability to identify the funds' owners.