Millions of Quadriga Cryptos frozen following founder’s death

Millions of Quadriga Cryptos frozen following founder’s death

Millions of Quadriga Cryptos frozen following founder’s death

Customers of Quadriga, once Canada's largest and most popular cryptocurrency exchange, are reportedly unable to access their funds after its 30-year-old founder Gerald Cotten died unexpectedly in Jaipur, India, in December 2018, while holding the passwords needed to access the money, the Financial Times (behind paywall) reported.

According to Reuters, the BCSC was aware of Quadriga since 2017.

Cotten, whose sudden death left $190 million (US$145 million) in Bitcoin and other digital assets protected by his passwords unretrievable, signed his last will and testament on November 27, 2018. "As such, BCSC does not regulate it".

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.

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The troubled exchange says that Cotten was the only person who had access to the cold wallets and thus had sole custody of the recovery code and passwords.

The CSA continues to urge Canadians to be cautious when considering buying crypto-assets through trading platforms.

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.

"The information of his death was communicated to the relevant authorities".

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In a statement shared with CoinDesk on Thursday, Fortis Escorts said that Cotten was admitted to the hospital on December 8, 2018 at 9:45 p.m. IST (16:15 UTC) and died of cardiac arrest at around 7:26 p.m. IST (13:56 UTC) on December 9, 2018. He was declared dead at approximately 7:26 PM on December 9, 2018. Cotton had complained of watery stools, vomiting, cramps and abdominal pain.

"Gerry died due to complications with Crohn's disease on December 9, 2018 while travelling in India, where he was opening an orphanage to provide a home and safe refuge for children in need", the post said. Cotten was in the company of Jennifer Kathleen Margaret Robertson, his wife, when he was admitted.

An analyst h as claimed that the "missing" funds from embattled Canadian crypto exchange QuadrigaCX may not be stuck in a cold wallet but missing altogether.

Apart from a statement by the hospital, a statement of death and a death certificate from the Government of Rajasthan has also been released.

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Earlier past year, Quadriga was experiencing difficulties accessing CA$21.6m of its funds, when the Canadian Imperial Bank of Commerce (CIBC) froze five accounts belonging to the exchange's payment processor, Costodian Inc., and its owner, Jose Reyes.

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