$145M Locked Away After Crypto Exchange Boss Mysteriously Dies

$145M Locked Away After Crypto Exchange Boss Mysteriously Dies

$145M Locked Away After Crypto Exchange Boss Mysteriously Dies

The provincial agency "does not now have any indication that Quadriga CX, the crypto asset trading platform, was trading in securities or derivatives or operated as a marketplace or exchange under British Columbia securities laws", Brian Kladko, a spokesman for the British Columbia Securities Commission, said in an email statement.

Gerald Cotten, a Nova Scotia resident originally from Ontario, was 30 years old when he died suddenly while travelling in India on December 9 - leaving his virtual company, QuadrigaCX, without access to $180 million in Bitcoins and other digital assets. It encourages Canadians to be more cautious when it comes to investing in crypto assets in trading platforms.

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.

Those looking for recourse can not turn to the courts just yet. Cotten was reportedly the sole executive with access to the exchange's cold wallets.

According to a court filing first reported by CoinDesk, cryptocurrency news and events company, Jennifer Robertson, identified as Cotten's widow, and said the exchange owes its customers roughly C$250m (US$190m) in cash and cryptocurrency held in its "cold storage."QuadrigaCX, the famous Canadian Bitcoin exchange, recently obtained a temporary reprieve from its creditors".

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According to court documents, Cotten's will was filed on 27 November 2018 - 12 days before his death.

Users of the platform have gone suspicious of the situation surrounding Cotten's death, with some asking for an obituary. Cotten's death certificate, issued by the Government of Rajasthan's Directorate of Economics and Statistics, has since surfaced. After a series of cardiac arrests he was declared dead the following evening, his wife at his side.

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

Cotten was also registered as CEO of the company since December 2013. He was complaining of vomiting, watery stools and crampy abdominal pain. He was also feeling feverish when he came to the hospital, sources said. At the time of admission, Cotten was diagnosed to be suffering from septic shock and other serious issues relating to his exacerbated condition.

A cryptocurrency analyst, James Edwards, reportedly reviewed the publically available transactions of the exchange, and found no evidence that the exchange is controlled any of the wallets it claimed to. So, that shouldn't be possible if they lost complete access to the keys of the exchange. As per the reports from Cointelegraph, this made CBIC to 'pass the funds over to the Accountant of the Superior Court in order to identify the owner of the money'.

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