[17], In 2016, Cotten became the sole director of Quadriga when all the other directors resigned. While Robertson has possession of the laptop containing the necessary passwords, she remains locked out. "I couldn't get any sleep. So the Globe goes to Cottens hospital in India to put the whole fake death thing to bed. Robertsons sister, for the record, doesnt think that Cotten had fabricated his relationship with Jennifer. Living a jet set life, he cruised the world on yachts, flew in private jets and investigators even released photos of piles of cash on his kitchen table. November 28, 2022 by Nurudeen. Browse Locations. The investors found more questions than answers. Gerald Cotten (born 11 May 1988)[14] lived in Belleville, Ontario before attending the Schulich School of Business at York University in Toronto. Jennifer, scared for her safety, entered a safe house. Where was the rest of the money? But even the forensic accountants only managed to trace $46 million of the total $215 million customers had deposited onto the exchange. 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. Investors tried to pull their money from Quadriga, but sometimes faced month-long delays. A computer issue wiped $14 million of Ethereum off the exchange. His body was embalmed and sent back to Canada for a closed-casket funeral. [17][20], In 2017, Bitcoin experienced a speculative frenzy rising in price from about US$1,000 to almost US$20,000. Jennifer, scared for her safety, entered a safe house. The company raised C$850,000 but cancelled plans to list on the exchange in early 2016. [54], A 2021 8-episode podcast entitled Exit Scam followed the buildup of Quadriga, and investigated whether Gerald Cotten had faked his own death. firms", "What happens when your bitcoin banker dies? 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. [9][10], The Royal Canadian Mounted Police (RCMP) and the U.S. Federal Bureau of Investigation (FBI) were reportedly investigating the company. I believe this is the reason why Quadriga could be formed because they made a fortune from Scamming before Quadriga. The death, and the resulting collapse of Quadriga, set off a score of government and citizen investigations into how so much digital currency could be spirited away. [42], Quadriga continued to accept deposits until 26 January. Do you have a story for The Sun Online Tech & Science team? 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. Stay up to date with what you want to know. My sisters not a liar.. Quadriga had four employees in 2015 with offices in Vancouver and Toronto, but ran out of money by June 2015. We explain how to spot them. 5 In court filings, it was revealed that Mr Cottens email was listed as Midas Golds contact. Like the end of a classic Ponzi, the OSC said that due to Cottens bad trades, QuadrigaCX couldnt afford to credit customers who withdrew funds. The user said that he left the company in 2016, and that the company was legitimate at the time. At this point, lots of investors think that Cotten, a man alleged to have a history of scamming, really had faked his own death. He passed away in 2018 with the secret of $250 million. He appointed Peter Wedlake of Grant Thornton to be chief restructuring officer. The couple were on their honeymoon in India, where Jennifer had dreams of opening an orphanage. Fifteen years later, Mr Cotten, known as Gerry, would be accused of swindling people online of a much bigger prize. After his death in December, his colleagues said that about $137 million in cryptocurrency belonging to about 115,000 customers was held offline in "cold storage" and inaccessible. The mystery of Cotten and Quadriga is now the subject of podcasts Exit Scam and A Death In Cryptoland. So far, only about $46 million has been recovered. [7][8], Quadriga co-founder Michael Patryn was identified by The Globe and Mail as Omar Dhanani, who was convicted on identity theft charges in the U.S. and served 18 months in Federal prison. Gerald 'Gerry' Cotten | FAKE Behind 'Hunt For The Crypto King' Netflix | Where Are They Now?Subscribe Here! Cotten passed away from complications that arose from Crohns disease while on a honeymoon in Indiaapparently taking some $215 million of customer funds to the grave. 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. Now Cottens jet-set lifestyle looked suspicious. By clicking Sign up, you agree to receive marketing emails from Insider For instance, had Cottens death certificate, which spelled his name as Cottan, been faked? A sneak preview of the Netflix doc contains images that suggest the documentary will show the investors dive deeper into these conspiracies. By Robin Hill-Gray. More than three years after the sudden death of Quadriga CEO Gerald Cotten and the revelations that the company was a massive cryptocurrency scam, his widow,. Overcast with rain showers at times. "I kept asking them: Where's my money? [17] In June 2017, Quadriga announced that they had lost ethereum worth US$14 million due to a smart contract error. He graduated from York in 2010 with a bachelor's degree in business administration. His death certificate was issued by the Indian authorities and contains an incorrect spelling of his name. He was 30-years-old. "At that time, there was nothing I could do. [42] Another three empty wallets were believed to possibly be owned by Quadriga. He hopes the Netflix doc will get authorities to "move their asses and do something about it" but also to raise awareness "so it doesn't happen to other people". After some more digging, the reporter found an order form filled out by one Gerald Cotten. Gerald Cotten was 15 when he ran his first documented get-rich-quick scheme. [30], According to Jennifer Robertson, Cotten's widow, he died on 9 December 2018 while travelling in India. [24][25][26], According to court filings, Quadriga also used WB21 as a payment processor. Gerald Cleophas Betzen, 68. Email us at tech@the-sun.co.uk, Ring removes free perks for millions of users, you'll have pay to get them back, Android users told check for five Google 'danger phrases' don't ignore list, Facebook's hidden list reveals if you're a 'target' for criminals, People are just realizing Apple upgraded the iPhone with 7 life-changing secrets, 2020 THE SUN, US, INC. ALL RIGHTS RESERVED | TERMS OF USE | PRIVACY | YOUR AD CHOICES | SITEMAP, Tong Zou tells his devastating story in new Netflix doc, Gerald 'Gerry' Cotten died in 2018, taking password to access funds with him. The firm launched in 2014 amid a spectacular rise in the price of cryptocurrencies like Bitcoin, and was handling $1 billion in trades by 2017. The media dragged Gerald Cotten's wife, Jennifer Robertson, into the spotlight after his mysterious death. The doctor stated that while dying from Crohns disease is very rare, Cotten appeared to show signs of illness and suffered from three heart attacks in the same day the paramedics were unable to resuscitate him after his third cardiac arrest. Official investigations into the matter have yet to produce any definitive answers. A bitcoin mining operation in Saint Hyacinthe, Quebec. Premieres in 2022 pic.twitter.com/rP9iFJHkWm. [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. The podcast was reported by Aaron Lammer and Lane Brown.[55]. [33], Cotten's will was signed 27 November 2018, twelve days before he allegedly died. Gerald and Jennifer kept most of their relationship away from the public. All Filters. Business picked up when Bitcoin hit the big time in 2017, reaching prices close to $20,000. He is believed to have carried out Ponzi scheme scams since he was just 15 - such as playing a role in pre-crypto digital token eGold, according to investigator Amy Castor. Zou trusted Quadriga CX, Canada's largest cryptocurrency exchange, with C$500,000 (305,000). I'm 99% sure he is still alive living nicely. Cottens death will likely remain a mystery, with some believing that he is still residing somewhere in the world with the stolen money. Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in, Investors are still hunting for millions in vanished cryptocurrencies, writes Josh Marcus, Find your bookmarks in your Independent Premium section, under my profile. Please refresh the page or navigate to another page on the site to be automatically logged in, Please refresh your browser to be logged in, A lost password, a sudden death and $180M in missing crypto, Extra 20% off selected fashion and sportswear at Very, Up to 20% off & extra perks with Booking.com Genius Membership, 50 cash with friend referrals at Virgin Mobile, 15% off extra plans with this Vodafone promo, Compare broadband packages side by side to find the best deal for you, Compare cheap broadband deals from providers with fastest speed in your area, All you need to know about fibre broadband, Best Apple iPhone Deals in the UK March 2023, Compare iPhone contract deals and get the best offer this March, Compare the best mobile phone deals from the top networks and brands. It apparently had no formal accounting system. Then you get rid of the fees. Wood ordered a "30-day stay that precludes filing of claims against Quadriga", which is a temporary legal protection from its creditors under the Companies' Creditors Arrangement Act, a legal status that allows insolvent corporations to restructure their business and financial affairs. The doctor, reported the Globe, initially diagnosed Cotten with little more than travelers diahrrea, but kept him in hospital just in case. Thats when the Globe started to be convinced that he was dead, after all. Quadriga's customers are owed C$260 million in cryptocurrency and cash. "Trust No One: The Hunt for the Crypto King". A 33-YEAR-OLD man lost his life savings after getting involved with a cryptocurrency trader who died, taking the password to access funds to the grave. 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. Gerald Gerry Cotten is the founder of Canadian cryptocurrency exchange Quadriga Fintech Solutions and is at the helm of a groundbreaking investment scam that the Netflix documentary investigates. It essentially removes the need for a central authority. It was one of the only games in town [for crypto enthusiasts], Sheona McDonald, who directed the film, told The New York Post. Was a recently-active Skype account proof he was still alive? [11] Lawyers for the customers of the exchange have asked that Cotten's body be exhumed.[12]. Facebook / Remembering Gerry Cotten In the weeks since Quadriga Fintech Solutions Corp. belatedly made his death public, the exchange's furious users have raised questions. The estate includes an airplane, a sailboat, a 2017 Lexus, and real estate in Nova Scotia and Kelowna, British Columbia. Thinking that Jennifer had murdered Cotten, the Telegram group spiraled out of control. Mar. Its pretty much money by people for people.. seeks to unravel the mystery of Gerald Cotten, the CEO of crypto exchange QuadrigaCX, who died in 2018. But, due to the strict security of crypto, we may never know. Another "appears to have been used to receive Bitcoin from another cryptocurrency exchange account and subsequently transfer Bitcoin to the Quadriga hot wallet" on 3 December. The public didnt learn about the death for another 36 days, until January 2019. The Netflix documentary will follow investors-turned-investigators looking into theories on the founder's sudden death. The business was run from Cotten's encrypted laptop from Cotten's home in Fall River, Nova Scotia. His death certificate spells his name wrong, he was supposedly buried in a closed casket in Canada even though there is no evidence his body was ever moved from India and why would it need to be a closed casket? In November 2018 the case was decided with the accounts going to the court to decide the ownership individually. "[40][41], Ernst & Young found five Quadriga cold wallet addresses, but they were empty, containing no cryptocurrency since April 2018. , initially diagnosed Cotten with little more than travelers diahrrea, but kept him in hospital just in case. 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". Then, out of the blue, one Mike Patryn joined the Telegram group that investors were using to discuss conspiracies. [37] According to an affidavit by the CEO's widow, approximately 115,000 customers are owed C$250 million (US$190 million), most of which was cryptocurrency held in Quadriga's cold wallet in the laptop that only the deceased CEO had access to. Cops believe that Quadriga CX was actually an wide-ranging Ponzi scheme - and Cotten would use fake accounts under the name "Chris Markay" to "buy" his customers Bitcoin using fake cash. ^ "Quadriga CEO's widow speaks out over his death and the missing crypto millions". Now . The thing is, a CEOs death shouldnt lock customers out of their money. Subsequent investigations found that Michael Patryn, one of the co-founders, registered the domain name for QuadrigaCXnot Gerry. Quadriga Fintech Solutions was the owner and operator of QuadrigaCX, which was believed to be Canada's largest cryptocurrency exchange.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.. I could have put it in stocks. Companies have backups, safeguards to protect against this kind of thing. [19], Some Reddit users have suggested that Cotten faked his own death in order to defraud customers through an exit scam, while others believe that Cotten's death exposed a Ponzi scheme. Two years after Liberty Reserve was taken down, the pair launched Quadriga, though Mr Patryn left the company in 2016 over a dispute on whether to list the company publicly and claims no involvement in the resulting schemes. Up to C$250 million (US$190 million) in cryptocurrency owed to 115,000 customers was missing[2] or could not be accessed because only Cotten held the password to off-line cold wallets. "It just makes me more depressed about it," Zou told Sky News. - October, November, December - during all that time," he said. Cotten told a Globe and Mail reporter that the banks, which didnt trust crypto exchanges, had frozen the exchanges bank accounts. Angry and suspicious investors congregated on Reddit and Telegram to try to get to the bottom of the mystery. His body was repatriated to Canada and a funeral was held in Halifax, Nova Scotia. G erald Cotten was 15 when he ran his first documented get-rich-quick scheme. pic.twitter.com/rGymJ5f9Or. Netflix has seen a boom with its true-crime docuseries, from 'Tiger King' to 'Making a Murderer.' Gerald Cotten. Despite presenting himself as mild mannered and clean cut, Cotten was found to have had a history of carrying out financial cons - starting when he was just a teenager. The user said that he left the company in 2016, and that the company was legitimate at the time. , 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. 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. [19] Other than a few contractors, it had no employees, offices or bank accounts thereafter. Though some dont believe Mr Cotten is really gone, the money from Quadriga is. Some speculate that Cotten, who suffered with Crohn's disease, might actually be alive. But when co-founder Cotten died during a honeymoon in India, the money was seemingly lost forever. 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,. According to an investigation by Canada's Globe and Mail, Cotten. Robertson has denied any knowledge of her husband's wrongdoing - and in 2019 returned $9million to the company to repay users. A C$100,000 trust fund was made to provide lifelong care for Cotten's two chihuahuas in case of Robertson's death. His death left investors locked out of their money and left Jennifer Robertson, Gerry's wife . So what exactly happened to Cotten, and is he still alive somewhere sitting on a mountain of stolen crypto? Netflix's 'Trust No One: The Hunt for the Crypto King' explores the story of Gerald Cotten, founder and CEO of Canadian crypto exchange business QuadrigaCX, whose passed away unexpectedly in 2018. Someone tracked Patryn to a scam forum called TalkGold, where Patryn talked to one user in particular, sceptre, a bunch. Jilted investors in a defunct cryptocurrency company want to confirm the death of the business's founder by exhuming his remains. Did Cotten fake his own death, investors began to ask, absconding to lands anew under a new name and a surgically rejigged face? One of the. He first encountered Bitcoin in Vancouver, British . [27] Another payment processor used by Quadriga, Crypto Capital, was named in a civil suit filed by the New York Attorney General in April 2019. Still, questions about the missing money only mounted when two. But Bitcoin crashed at the end of 2018, and Cottens flashy lifestyle needed cash to sustain itself. 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. ", "Vancouver crypto exchange, CIBC clash over frozen accounts", "Judge rules with CIBC, grants possession of disputed Quadriga funds to Ontario Superior Court", "The fintech 'genius' accused in $165m fraud", "Crypto Firm Cited in Bitfinex Case Had Also Worked With Quadriga", "Quadriga co-founder served time in U.S. for role in identity-theft ring, documents reveal", "Criminal Past Haunts Surviving Founder of Troubled Crypto Exchange", "Crypto firm CEO with $190 million password did die in Jaipur hospital", "Cryptocurrency Exchange Says It Can't Access $190 Million After CEO Unexpectedly Died", "Millions in cryptocurrencies frozen in Canada after only person who had password dies in India", "Crypto Exchange Founder Filed Will 12 Days Before He Died", "Quadriga CEO, whose death ignited a cryptocurrency storm, a kind man with taste for fine things, say friends", "Crypto Exchange Mystery Deepens as Board Seeks Court Protection", "Crypto exchange Quadriga files for creditor protection", "Quadriga mystery deepens with little evidence of cold wallets containing $250M", "A Crypto-Mystery: Is $136 Million Stuck or Missing? [34][35], On 14 January 2019,[36] Quadriga announced that their CEO, Gerald Cotten, had died the month prior from Crohn's disease while doing volunteer work at an orphanage in India. But pour in it did. And for some, things still looked suspicious. [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. Did he Die? There were other problems around that time. Cbc.ca. It just wasnt there. Gerald Cotten is allegedly meant to have died from Crohns disease after the exchange crashed. When Taylor Monahan, founder of MyCrypto, examined the exchanges cold wallets, she couldnt find the lost crypto. Image Credit: CTV Your Morning/YouTube. [53], A Netflix documentary titled Trust No One: The Hunt for the Crypto King about the story of Gerald Cotten was released in March 2022. He is believed to have scooped around around $115million in crypto from his own accounts and put them into high risk financial bets - many of which crashed, costing him more money than Quadriga ever actually made. Have something to tell us about this article? Some evidence suggested that Jennifer, if real, was acting strangely. Some have speculated that Gerald Cotten faked his own death and basically got a knock-off death certificate in India or perhaps he was killed by his business partners but even the death itself is incredibly suspicious. We just send money from our Bitcoin app directly to those paper wallets, and keep it safe that way. April 2, 2022 Netflix Nobody was expecting Gerald Cotten, the CEO of Canadian Bitcoin exchange QuadrigaCX, to die at 30. [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. And, wildly, was Jennifer, his wife, even real? More than three years after the sudden death of Quadriga CEO Gerald Cotten and the revelations that the company was a massive cryptocurrency scam, his widow, Jennifer Robertson, tells her side of the story.#Quadriga #GeraldCotten #BitcoinWatch The National live on YouTube Sunday-Friday at 9 p.m. ETSubscribe to The National: https://www.youtube.com/user/CBCTheNational?sub_confirmation=1Connect with The National online:Facebook | https://www.facebook.com/thenationalTwitter | https://twitter.com/CBCTheNationalInstagram | https://www.instagram.com/cbcthenationalMore from CBC News | https://www.cbc.ca/newsThe National is CBC's flagship nightly news program, featuring the day's top stories with in-depth and original journalism, with hosts Adrienne Arsenault and Andrew Chang in Toronto, Ian Hanomansing in Vancouver and the CBC's chief political correspondent, Rosemary Barton in Ottawa. Soon after his death, however, reports surfaced that nearly 80,000 users of QuadrigaCX at the time Canadas largest cryptocurrency exchange were unable to access funds totalling more $190m. [33] Aaron Matthews served as Director of Operations. I didnt know that Gerry was married, he says. Cotten was the only one with access to necessary permissions. The company's CEO and founder, Gerald William Cotten, allegedly died in 2018 after traveling to India. Likewise, the public was not much intrigued about their lives up until . However, in 2018, Bitcoin prices crashed and many began withdrawing their funds from Quadriga, except they were being met with error messages before the exchanges website stopped working in 2019. I didnt know that Gerry was married, he says. "It did become an obsession.. "You appear dead for a few days, until you get the cure," the source said. 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". You get rid of a lot of the regulations, he said on a podcast in 2014. **Warning Spoilers ahead for Trust No One: The Hunt for the Crypto King**. There's a small chance that someone was investigating his old accounts and that they accessed his BlackHat but it's very unlikely. It comes as we revealed some of the world's biggest crypto scams following the case of Bitcoin tradersRaees Cajee, 21 and Ameer, 18,who fledSouth Africa after allegedly pocketing 2.5billion. A new Netflix true-crime documentary is tackling a bizarre story from the world of cryptocurrency. Resides in Beverly Hills, CA. But when the banks, the law, and the. At the time, he was the CEO of QuadrigaCX, a company that performed cryptocurrency exchanges. One source in the doco goes as far as to claim Cotton may have used a substance known as "Haitian zombie powder" to fake his death. 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. Trust No One depicts Cotten as a nerdy, happy-go-lucky, and charming CEO, who was knee-deep in Bitcoin and a fierce advocate of the technology. You transferred them $1,000 and you could see the crypto in your account. His wife Jennifer Robertson said he had promised to create a mechanism that turned thepasswords over to her when he died. (India is notorious for forging fake death certificates by paying people off).
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