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Many believe that Cotten faked his death, however, as part of an exit scam to get away with. [3][4][5], Quadriga likely never invested the funds entrusted to it, according to Chainalysis, a cryptocurrency tracking firm. 'The Crypto King': Who is Gerald Cotten and Where is Gerry Now? - Newsweek Gerald Cotten, 30, died abruptly in December 2018 of complications relating to Crohn's disease while on honeymoon in Jaipur, India, with his wife, Jennifer Robertson. Subsequent investigations found that Michael Patryn, one of the co-founders, registered the domain name for QuadrigaCXnot Gerry. He was one of the wealthiest people in the crypto world, and his company was at its pinnacle. Given the mysterious circumstances of his deathand the enormous amount of money he controlledits no surprise that conspiracies quickly sprang up in an attempt to piece together the puzzles around his death. 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. Either this is a 1 in 100 million coincidence or he is still alive. The 33-year-old has attempted to get his money back in a lawsuit, but hasn't had any luck as yet. [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. Netflix has tried to get to the bottom of things in its new 90-minute doc; read on to uncover the wild tale of Gerald Cotten. [38][39], According to some of Cotten's family members, there was a crypto "Dead man's switch" that would provide Quadriga with operating information in the event of his death; however, "neither the monitor nor others involved with the organization are aware of a dead-man switch email having been received. Here Is Why People Think Gerald Cotten Is Still Alive. Neither Costodian or Quadriga could access the funds. Then Cotten took a turn for the worse: he went into cardiac arrest three times; the third time, the doctors couldnt revive him and declared him dead. He and his wife, Jennifer Robertson, jetted all over the world on private planes, visiting chic locales in Paris, Hawaii, and Morocco. Then Gerald Cotten suddenly died, in December of 2018, from complications with Crohn's disease. CRYPTO scams are popping up all over the internet. It essentially removes the need for a central authority. The streaming service announced the feature alongside a slate of upcoming true-crime projects last week. [16] In 2014 only C$7.4 million worth of bitcoin were exchanged on Quadriga. Robertson has denied any knowledge of her husband's wrongdoing - and in 2019 returned $9million to the company to repay users. The doctor, reported the Globe, initially diagnosed Cotten with little more than travelers diahrrea, but kept him in hospital just in case. Obituary -Gerald Cotten Wife, Death Cause, Alive or Death? Wikipedia Cotten's widow has rarely spoken publicly, but in an affidavit has described herself as being subject to "slanderous comments" over accusations her husband faked his death. "So far, nothing's been found. Reported by Fansided, Globe and Mail journalist Nathan Vanderklippe spoke to Dr. Sharma, who dealt with Cotten when he came into the hospital. 5 Like other crypto-exchanges, Quadriga kept its funds in so-called cold wallets, digital storage devices not connected to the internet, which are safe from hacking. (Neither men were charged in connection with Liberty Reserve). Cotten's sudden death in 2018 led to the disappearance of millions of dollars. Something was afoot. Netflixs 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. We pay for your stories! Gerald Cotten: 5 Fast Facts You Need to Know | Heavy.com But the mingling didnt end there: the crypto kingpin also allegedly mixed client money with his own, according to investigators, funding the lavish lifestyle he became known for. Investors who lost $190m demand exhumation of cryptocurrency mogul Disclosure: Mathias Dpfner, CEO of Business Insider's parent company, Axel Springer, is a Netflix board member. [1], The company's CEO and founder, Gerald William Cotten, allegedly died in 2018 after traveling to India. In 2019 the exchange ceased operations and the company filed for bankruptcy with C$215.7 million in liabilities and about C$28 million in assets. Angry and suspicious investors congregated on Reddit and Telegram to try to get to the bottom of the mystery. I think there were a couple years when it ran legitimately I dont think Gerry could have imagined a future with money pouring in the way it eventually did.. 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. He was able to keep the venture, called S&S Investments, going for three months, before it folded and investors money was gone. [9][10], The Royal Canadian Mounted Police (RCMP) and the U.S. Federal Bureau of Investigation (FBI) were reportedly investigating the company. We explain who Gerald Cotten is, the subject of this documentary, and reveal where he is now, including the mystery surrounding his downfall. The podcast was reported by Aaron Lammer and Lane Brown.[55]. Is Gerald Cotten really dead? : r/QuadrigaCX - reddit The public didnt learn about the death for another 36 days, until January 2019. But when co-founder Cotten died during a honeymoon in India, the money was seemingly lost forever. - Watch Full Details ! Quadriga's customers are owed C$260 million in cryptocurrency and cash. No one but him can access accounts, he ran a whole market on a laptop by himself with no other employees or partners anymore so only he could access it and he suddenly dies when he would be in massive debt for delayed payments and would likely be convicted for fraud or money laundering. Some have speculated his death was a clever ruse and there have been calls to have his body exhumed to prove it was a "fake". There is a clear lesson here that having a single person owning this information creates a huge vulnerability.. And not even he thinks that Gerald is deadnor did he ever meet his wife. Criminal probes continue by the Royal Canadian Mounted Police and the FBI as leading digital investing publication Coindesk branded his death as the "crypto's biggest mystery". Both Canadas tax authorities and the FBI are also investigating the company. [49], On 5 March 2019, Justice Wood extended Quadriga's court protection to 23 April. Sign up for our newsletter for the latest tech news and scoops delivered daily to your inbox. His death was kept secret for a month by the firm before it was finally announced - and it was found he had spent millions in investors' money funding his own lavish lifestyle. Was Patryn, whom employees described as a macho, terrifying character, calling the shots, not Cotten? ^ "Quadriga CEO's widow speaks out over his death and the missing crypto millions". The OSC. Zou trusted Quadriga CX, Canada's largest cryptocurrency exchange, with C$500,000 (305,000). It left Robertson the entire C$9.6-million estate and named her as the trustee. [24][25][26], According to court filings, Quadriga also used WB21 as a payment processor. What Happened to Jennifer Robertson and Where Is Gerald Cotten's Wife Now? , one of the co-founders, registered the domain name for QuadrigaCXnot Gerry. X-rays. I'm 99% sure he is still alive living nicely. Robertsons sister, for the record, doesnt think that Cotten had fabricated his relationship with Jennifer. The company's CEO and founder, Gerald William Cotten, allegedly died in 2018 after traveling to India. Cryptocurrency investors locked out of $190m after exchange founder dies, Original reporting and incisive analysis, direct from the Guardian every morning. , initially diagnosed Cotten with little more than travelers diahrrea, but kept him in hospital just in case. It was one of the only games in town [for crypto enthusiasts], Sheona McDonald, who directed the film, told The New York Post. He first encountered Bitcoin in Vancouver, British . Resides in Beverly Hills, CA. Their online exchange launched after the first month. Gerald Cotten was 15 when he ran his first documented get-rich-quick scheme. "[46] The Official Ontario Securities report on Quadriga is attached here. Using a reputable custodian to hold the private keys outside the company is perhaps the best option to ensure these codes are not lost, Erik Wilgenhof Plante, the former CCO of the exchange BeQuant, told The Independent at the time. https://www.blackhatworld.com/seo/hiring-a-programmer-website-like-bitstamp-bitcoin-trading-project.605236/. And who dies from Crohns disease at 24 years old? Netflix announced an upcoming documentary about the Quadriga Bitcoin saga and the death of CEO Gerald Cotten. The teen, a bright computer enthusiast from Belleville, Ontario, ran the operation on an online forum called TalkGold . Cotton took with him to the grave the keys that allowed access to the digital vault containing his investors cash that they had ploughed into Quadriga CX. All Filters. You get rid of a lot of the regulations, he said on a podcast in 2014. At this point, lots of investors think that Cotten, a man alleged to have a history of scamming, really had faked his own death. [33], Cotten's will was signed 27 November 2018, twelve days before he allegedly died. [45], In June 2020, the Ontario Securities Commission officially concluded that Quadriga was indeed a fraud and a Ponzi scheme. He would then use this crypto to make investments himself on other digital exchanges as he furnished his own pockets at the expense of his investors, according to accounting firm Ernst & Young. "At that point, we were desperate to recover funds and we were also convinced that a scam was underway," said QCX-INT, an individual who uncovered online documentation of Mr Cottens history of fraudulent behaviour, speaking anonymously to the CBC this year. [17] In a 2014 interview, founder Gerald Cotten explained that the company stored customer funds on paper wallets in safe deposit boxes: "So we just send money to them, we dont need to go back to the bank every time we want to put money into it. The user said that he left the company in 2016, and that the company was legitimate at the time. Quadriga's accounts are estimated to have held 190million ($250million). [7][8] On 8 April 2019 the firm entered bankruptcy under the Bankruptcy and Insolvency Act as the possibility of a successful reorganization appeared to be remote. 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.