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Exit Scam host Aaron Lammer told CoinDesk: "My read was that, on some level, Gerry was addicted to scamming, "Addicted to stealing peoples money. 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. A C$100,000 trust fund was made to provide lifelong care for Cotten's two chihuahuas in case of Robertson's death. He passed away in 2018 with the secret of $250 million. It is highly unusual for only a single executive to be the one with access to a company's fund, further muddying the waters around what happened to Cotten. "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. In that case, $851 million entrusted to Crypto Capital had been "lost, stolen or absconded with", according to the suit. [7] Meanwhile, in order to manage the finances of the company during the process, a third-party monitor, Ernst & Young, was appointed. The public didnt learn about the death for another 36 days, until January 2019. G erald Cotten was 15 when he ran his first documented get-rich-quick scheme. His wife Jennifer Robertson said he had promised to create a mechanism that turned thepasswords over to her when he died. Then in January, 2019, Cottens wife Jennifer Robertson announced that he had died a month earlier. Despite no concrete evidenceindeed, the murdered mans first name was not the same as Robertsons ex-husband, some angry investors lobbed death threats at Jennifer, convinced that she had murdered Cotten, too. Gerald Cotten is still alive (proof) : r/QuadrigaCX - Reddit The company's CEO and founder, Gerald William Cotten, allegedly died in 2018 after traveling to India. Gerald Cotten. 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. [19] Other than a few contractors, it had no employees, offices or bank accounts thereafter. My sisters not a liar.. He graduated from York with a bachelor of business administration in 2010. But when the banks, the law, and the. Mr Cotten, 30 at the time of his death, seemed to be living the dream life of a financial titan. Some also believe that Gerald isnt even dead at all but rather hiding away with the hundreds of millions of dollars he controlled. Customers reported that once they arrived, there was nobody in the office, or that there was no cash to be disbursed. CRYPTO scams are popping up all over the internet. Even after Cotten's death news, some people still believe that he is alive, and one of the main reasons is because of his mysterious death. Since his death, Cotten has been recast as a habitual scammer who would enjoy the thrill of knowing he was duping his customers and investors. The OSC. Robertsons sister, for the record, doesnt think that Cotten had fabricated his relationship with Jennifer. There's a small chance that someone was investigating his old accounts and that they accessed his BlackHat but it's very unlikely. Gerald died while on a honeymoon with his wife Jennifer in India, Cotten has been recast since his death as a thrill-seeking scammer, Michael Patryn - real name Omar Dhanani - had previously been convicted of identity fraud, Bitcoin miner electrocuted to death by his computer after forcing it to churn out endless amounts of crypto. Investors who believed that Cotten had faked his own death and ran away with the money had made one huge assumption: that Cotten had money to steal. Zou trusted Quadriga CX, Canada's largest cryptocurrency exchange, with C$500,000 (305,000). I put myself into a deep hole and the only way to dig out of it was to sell my house.. She had accompanied him to a hospital in Jaipur the previous day and he was diagnosed with septic shock, perforation, peritonitis, and intestinal obstruction. Was the CEOknown for his luxurious lifestyle, which included jets, supercars and vacationsmurdered by a mob debt collector or a jealous lover? 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. A new documentary on his mysterious death called Dead Man's Switch: A Crypto Mystery, airing on Discovery+, looks into accusations the crypto king made off with millions in investors' cash. A computer issue wiped $14 million of Ethereum off the exchange. Mystery of rogue Bitcoin trader who 'died' taking with - The Sun Did he Die? [3][4][5], Quadriga likely never invested the funds entrusted to it, according to Chainalysis, a cryptocurrency tracking firm. 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. Is Gerald Cotten really dead? : r/QuadrigaCX - reddit [17], Ernst & Young reported on 6 February 2019 that C$468,675 (US$354,300) of bitcoin were "inadvertently" sent to an inaccessible cold wallet. Conspiracy theorists insist that Cotten faked his own death, however, as many irregularities surrounding his death began to circulate, including a copy of his misspelled death certificate and the fact that his funeral had a closed casket. However, it was eventually discovered that Gerald had transferred all of his belongings to his wife before his death. "[40][41], Ernst & Young found five Quadriga cold wallet addresses, but they were empty, containing no cryptocurrency since April 2018. 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. His death certificate was issued by the Indian authorities and contains an incorrect spelling of his name. Gerald Cotten was the founder of one of Canada's largest cryptocurrency exchanges, Quadriga CX. Soon enough, QuadrigaCXs customers struggled to withdraw money from the exchange. NOW WATCH: Netflix is headed for a huge profit milestone in 2018, Personal Finance Insider's picks for best cryptocurrency exchanges. So far, only about $46 million has been recovered. I took out three loans from the bank and put it all into crypto. 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. The media dragged Gerald Cotten's wife, Jennifer Robertson, into the spotlight after his mysterious death. The accounting firm Ernst & Young, tasked with auditing the company as it undergoes bankruptcy proceedings, discovered numerous money-losing trades executed by Cotten, using customers funds. Then, the crypto millionaire suddenly died in India from complications from Crohn's disease about three years ago. [9][10], The Royal Canadian Mounted Police (RCMP) and the U.S. Federal Bureau of Investigation (FBI) were reportedly investigating the company. It was one of the only games in town [for crypto enthusiasts], Sheona McDonald, who directed the film, told The New York Post. 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. 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. You get rid of a lot of the regulations, he said on a podcast in 2014. The business was run from Cotten's encrypted laptop from Cotten's home in Fall River, Nova Scotia. 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. Netflix has seen a boom with its true-crime docuseries, from 'Tiger King' to 'Making a Murderer.' While the large increase in volume increased commissions, it also caused cash-flow problems due to the exchange's reliance on external payment processors and its lack of a proper accounting system. "I could have invested it in real estate. A lost password, a sudden death and $180M in missing crypto "It did become an obsession.. 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. [52], The CBC released a 6-episode podcast about Quadriga and the death of its founder called A Death in Cryptoland. at the time Canadas largest cryptocurrency exchange, Gerald Cotten, 30, died in questionable circumstances, Canadian company founder took crucial password to the grave. thinks that Gerald is deadnor did he ever meet his wife. "I kept asking them: Where's my money? Gerald Cotten: 5 Fast Facts You Need to Know | Heavy.com Something was afoot. But when co-founder Cotten died during a honeymoon in India, the money was seemingly lost forever. So, Patryn: shit-stirrer, criminal mastermind or another one beguiled by Cotten? 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. Many believe that Cotten faked his death, however, as part of an exit scam to get away with. I lost $500,000 life savings in cryptocurrency after 'trader DIED with Still, all this evidence was circumstantialinvestors hadnt yet found a smoking gun. Things began to sour, however, in 2018, when the price of Bitcoin collapsed. 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.. 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. All that money vanished into the crypto ether and only once investigations occured did people start to think that it may have been a scam all along. seeks to unravel the mystery of Gerald Cotten, the CEO of crypto exchange QuadrigaCX, who died in 2018. So his spiral down into a life of crime was either pure greed or him seeking the thrill. [17] In June 2017, Quadriga announced that they had lost ethereum worth US$14 million due to a smart contract error. Companies have backups, safeguards to protect against this kind of thing. But pour in it did. He convinced tons of investors to fork over their money so he could invest it into Crypto. Someone tracked Patryn to a scam forum called TalkGold, where Patryn talked to one user in particular, sceptre, a bunch. Its pretty much money by people for people.. [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. 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. This was my entire savings, built through ten years of work, said one disgruntled customer in the doc. 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". He graduated from York in 2010 with a bachelor's degree in business administration. So the. 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. 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 podcast was reported by Aaron Lammer and Lane Brown.[55]. Netflix announced an upcoming documentary about the Quadriga Bitcoin saga and the death of CEO Gerald Cotten. The 33-year-old has attempted to get his money back in a lawsuit, but hasn't had any luck as yet. After some more digging, the reporter found an order form filled out by one Gerald Cotten. Where is Gerald Cotten now from Netflix's Hunt for the Crypto - HITC Following Quadrigas implosion in 2019, it was investigated by the Ontario Securities Commission, which concluded that, "what happened at Quadriga was an old-fashioned fraud wrapped in modern technology. Investors who lost $190m demand exhumation of cryptocurrency mogul Gerald Cotten is allegedly meant to have died from Crohns disease after the exchange crashed. [33] After the exchange was put into maintenance mode for several days in January, they announced on the 31st that they were applying for creditor protection. Like many in the industry, he framed his enterprise not merely as a financial tool, but a radical societal change, touting the crypto gospel in podcast appearances and videos on YouTube. Cotten encrypted and stored about $190 million worth of his customers' Bitcoin caches and held sole responsibility for the passwords needed to access those funds. Gerald Cotten faked his death? QuadrigaCX Full Story Uncovered. Jennifer, scared for her safety, entered a safe house. The streaming service announced the feature alongside a slate of upcoming true-crime projects last week. [33], Cotten's will was signed 27 November 2018, twelve days before he allegedly died. The OSC tugged on the same thread, but neither could get hold of him. 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. Jennifer Robertson (Quadriga) - Wikipedia 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. Start your Independent Premium subscription today. For instance, had Cottens death certificate, which spelled his name as Cott, , been faked? Robertson has denied any knowledge of her husband's wrongdoing - and in 2019 returned $9million to the company to repay users. reporters had a hunch that this was Gerry Cotten, and traced the account to another online den of thieves, BlackHatWorld. 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. Jennifer Robertson, the widow of QuadrigaCX founder Gerald (Gerry) Cotten, will be allowed to keep more than $90,000 cash and a Jeep Cherokee in a settlement agreement with the company's bankruptcy trustee. that after 2016, QuadrigaCX stopped producing consistent data about its holdings, and that large volumes of cryptocurrencies were being sent to foreign crypto exchanges. 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. Do you have a story for The Sun Online Tech & Science team? March 30, 2022. He and his wife, Jennifer Robertson, jetted all over the world on private planes, visiting chic locales in Paris, Hawaii, and Morocco. Both Canadas tax authorities and the FBI are also investigating the company. Bitcoin fraudster's widow breaks silence about the missing crypto 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. Re-thinking indemnification for smart contract risks", "Bitcoin investors face long delays cashing out, criticize two B.C. Then, out of the blue, one Mike Patryn joined the Telegram group that investors were using to discuss conspiracies. A big chunk of it was given to him by his parents. California (2) Massachusetts (1) Texas (2) Refine Your Search Results. Either this is a 1 in 100 million coincidence or he is still alive. The young entrepreneur seemed to be at the height of his success, traveling around the world with his wife, Jennifer, and leading a jet-setting lifestyle. He was 30-years-old. It left Robertson the entire C$9.6-million estate and named her as the trustee. "At that time, there was nothing I could do. The thing about conspiracy theories, though, is that they mutate out of control very quickly, and arent always reflective of the latest evidence. Netflix's 'Trust No One': Who Was QuadrigaCX CEO Gerald Cotten?

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