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He was able to keep the venture, called S&S Investments, going for three months, before it folded and investors money was gone. [50], Quadriga's lawyer, the firm Stewart McKelvey, withdrew from the case due to a potential conflict of interest. [17][20], In 2017, Bitcoin experienced a speculative frenzy rising in price from about US$1,000 to almost US$20,000. [19] Other than a few contractors, it had no employees, offices or bank accounts thereafter. Customers have since struggled to regain access to their money, citing withdrawl issues and lack of communication from the company. The estate includes an airplane, a sailboat, a 2017 Lexus, and real estate in Nova Scotia and Kelowna, British Columbia. Gerald died while on a honeymoon with his wife Je [28], Quadriga used an unusual teller-window system for customers to withdraw their money. https://www.blackhatworld.com/seo/hiring-a-programmer-website-like-bitstamp-bitcoin-trading-project.605236/. Was he avoiding something or someone? Indian authorities maintain that Cotten, whose body was repatriated to Nova Scotia for a small closed-casket funeral, died on Dec. 9, 2018, shortly after checking into a luxury hotel in Jaipur. In that case, $851 million entrusted to Crypto Capital had been "lost, stolen or absconded with", according to the suit. He passed away in 2018 with the secret of $250 million. [2], In January 2019 Ernst & Young reported that Quadriga did not have a bank account, but instead used third-party payment processors. Both Canadas tax authorities and the FBI are also investigating the company. [33] Aaron Matthews served as Director of Operations. Attack on Titan Season 4 Part 4 to release Fall 2023, confirms new trailer, {{#media.media_details}} {{#media.focal_point}}. Then in January, 2019, Cottens wife Jennifer Robertson announced that he had died a month earlier. Cotten passed away from complications that arose from Crohn's disease while on a honeymoon in Indiaapparently taking some $215 million of customer funds to the grave. His death left investors locked out of their money and left Jennifer Robertson, Gerry's wife . According to the documentary, thats around the time that Cotten started to invest his money in islands, cars and property, traveling the world while running his exchange. Was a recently-active Skype account proof he was still alive? CIBC stated that they could not determine the ownership of the money and could not contact Cotten or Quadriga. Did he Die? [24][25][26], According to court filings, Quadriga also used WB21 as a payment processor. The thing is, a CEOs death shouldnt lock customers out of their money. Supposedly, Cottens business associates didnt even know he was married. The public didnt learn about the death for another 36 days, until January 2019. goes to Cottens hospital in India to put the whole fake death thing to bed. Mr Patryn pled guilty in 2005 to working in an identity fraud ring, and did business under a company called Midas Gold as an intermediary with Liberty Reserve, a Costa Rican digital currency firm busted as one of the largest money laundering operations in history. Was a recently-active Skype account proof he was still alive? Do you have a story for The Sun Online Tech & Science team? Netflix's latest true crime doc, "Trust No One: The Hunt for the Crypto King", seeks to unravel the mystery of Gerald Cotten, the CEO of crypto exchange QuadrigaCX, who died in 2018. **Warning Spoilers ahead for Trust No One: The Hunt for the Crypto King**. Ernst & Young was able to recover $24m in cash and $9m in assets held by Robertson. We just send money from our Bitcoin app directly to those paper wallets, and keep it safe that way. lets break it all down. firms", "What happens when your bitcoin banker dies? The funeral, according to a Redditor claiming to be a contractor for QuadrigaCX, said that it was a closed-casket affair, and that Jennifer was fake grieving and dancing at the funeral to bacchanalian excess, and even kicked out Geralds family. Cotten neglected to pass on the passwords to the accounts, and in 2019, when investigators tracked down Cotten's digital wallets, all the money was gone. Miller Thomson LLP sent a letter to the Royal Canadian Mounted Police on Friday, requesting authorities conduct an exhumation and postmortem autopsy on the body of Gerald Cotten, founder of QuadrigaCX, citing what the firm called the questionable circumstances around his death earlier this year. Jennifer, scared for her safety, entered a safe house. Further complicating the matter the company's co-founder Michael Patryn was revealed to actually be a man named Omar Dhanani, who had previously been convicted in the US of identity fraud. After some more digging, the reporter found an order form filled out by one Gerald Cotten. Jennifer, scared for her safety, entered a safe house. https://bit.ly/3cAIH4j Newest Vid's https:. The OSC. I could have put it in stocks. Indeed, QuadrigaCX launched just three months after sceptre put out a call to build a crypto exchange. I'm 99% sure he is still alive living nicely. His wife Jennifer Robertson said he had promised to create a mechanism that turned thepasswords over to her when he died. They reported that Jennifer said she couldnt get into Cottens laptops, and found an affidavit from Robertson saying that she didnt understand how QuadrigaCX operatedeven though one of Robertsons companies later wired cash to some of Quadrigas customers. On the 9th, he allegedly died after episodes of cardiac arrest. On 10 December, a death certificate was issued by the local municipality as well as a "no objection certificate" from the police to return the body to Nova Scotia. Some also believe that Gerald isnt even dead at all but rather hiding away with the hundreds of millions of dollars he controlled. Cotten was young, energetic, passionate about cryptocurrency so when. The 33-year-old has attempted to get his money back in a lawsuit, but hasn't had any luck as yet. Fake trading: I'm almost certain that he was trading with fake crypto, Chris Markay was one of the accounts that Cotten used to trade his "crypto" he also is known to have other aliases Sceptre Gerry, Aretwo Deetwo and Seethree Peaohh. They also found a substantial amount of money was used to fund a lavish lifestyle for the couple, including the use of private jets and luxury vehicles. Where was the rest of the money? Furious investors continue to fight a legal battle to try and have Cotten's body exhumed as they believe his death was a cut and run scam. Gerald Cotten, who was born on May 11th, 1988, was raised in Belleville, Ontario, before relocating to Toronto to enroll at York University's Schulich School of Business. Thats when the. ", He added: "We thought we were looking for basically a rich guy who had stolen money, Now either [Cotten is] dead, or if hes alive, hes a gambling addict whos broke.". [6], Ernst & Young was appointed as an independent monitor while Quadriga was granted temporary legal protection from its creditors under the Companies' Creditors Arrangement Act. Angry and suspicious investors congregated on Reddit and Telegram to try to get to the bottom of the mystery. Investigations into the firm revealed that Mr Cotten made numerous fake accounts on Quadriga to influence trades on the platform, at one time being involved personally in 87 per cent of transactions. Finally, the OSC discovered something that cracked the case wide open. That same month, Quadriga filed for creditor protection, and scores of angry investors began furiously questioning where their money went, even though only Mr Cotten knew the keys to the companys crypto vault and never set up a dead mans trigger to send them elsewhere in case he was incapacitated. There's also other posts on his Murdoch1337 account that are weird he asks for people to sell him old reddit accounts presumably because he would use these alt accounts to downvote people trying to slander his company or he would make posts on these alts saying how great Quadriga is. [4] Blockchain analysts have reported that they are unable to find evidence of Quadriga's cold wallets on the blockchain, a public ledger used for cryptocurrencies. Lawyers representing investors in what BBC. It stated that Gerald Cotten committed fraud by opening accounts under aliases and crediting himself with fictitious currency and crypto asset balances, which he traded with unsuspecting clients and that "What happened at Quadriga was an old-fashioned fraud wrapped in modern technology. Despite repeated and diligent searches, I have not been able to find them written down anywhere, she said in court filings. The sudden death of Gerald Cotten in December 2018 plunged the world of cryptocurrency into chaos. reporters had a hunch that this was Gerry Cotten, and traced the account to another online den of thieves, BlackHatWorld. Gerald Cotten, 30, held the virtual keys to a whopping $137 . There is a clear lesson here that having a single person owning this information creates a huge vulnerability.. Front Burner- Inside Canada's Crypto Mystery, Hot Docs Canadian International Documentary Festival, Trust No One: The Hunt for the Crypto King, "Investigation of Quadriga cryptocurrency debacle turns up only $28 million in assets", "Nothing sinister about bitcoin company CEO's sudden death, friend says", "Troubled Bitcoin trader QuadrigaCX takes another bizarre turn", "Canada's largest cryptocurrency exchange Quadriga seeks creditor protection", "Bitcoin Accounts for 95% of Cryptocurrency Crime, Says Analyst", "Crypto-Exchange Says It Can't Pay Investors Because Its C.E.O. The user said that he left the company in 2016, and that the company was legitimate at the time. [49], On 5 March 2019, Justice Wood extended Quadriga's court protection to 23 April. His death certificate was issued by the Indian authorities and contains an incorrect spelling of his name. They surfed his social media accounts at first, then traced Cottens digital footprints even more closely for clues. Resides in Beverly Hills, CA. On this Wikipedia the language links are at the top of the page across from the article title. Neither Costodian or Quadriga could access the funds. So, Patryn: shit-stirrer, criminal mastermind or another one beguiled by Cotten? I personally believe that Cotten is not dead but I would like to hear from people who know more than me about this topic and what they think about the situation. The teen, a bright computer enthusiast from Belleville, Ontario, ran the operation on an online forum called TalkGold . Reported by Fansided, Globe and Mail journalist Nathan Vanderklippe spoke to Dr. Sharma, who dealt with Cotten when he came into the hospital. [54], A 2021 8-episode podcast entitled Exit Scam followed the buildup of Quadriga, and investigated whether Gerald Cotten had faked his own death. Widow of Quadriga crypto founder Gerald Cotten says she had no idea about the $215-million scam In an exclusive interview, Jennifer Robertson speaks out publicly about her deceased husband,. Was the CEOknown for his luxurious lifestyle, which included jets, supercars and vacationsmurdered by a mob debt collector or a jealous lover? Dhanani also had pleaded guilty to burglary and grand theft charges and had been deported to Canada. About C$1.2 billion worth of bitcoin was exchanged on Quadriga. It sucks.". The circumstances are dodgy that they chose to honeymoon to India and he suddenly dies from complications of Crohn's disease. After beginning as an entrepreneur, Cotten founded Quadriga Fintech Solutions in 2013 and the company evolved to become the largest crypto exchange in the country, and it even helped to legitimize Bitcoin. [22][23] C$28 million held by Costodian, a Quadriga payment processor, was frozen by the Canadian Imperial Bank of Commerce (CIBC) in January 2018. He graduated from York in 2010 with a bachelor's degree in business administration. The OSC found that after 2016, QuadrigaCX stopped producing consistent data about its holdings, and that large volumes of cryptocurrencies were being sent to foreign crypto exchanges.