Sunday, 17 February, 2019

Indian hospital describes death of QuadrigaCX CEO Gerald Cotton

Crypto CEO Dies Holding Only Passwords That Can Unlock Millions in Customer Coins $145M Locked Away After Crypto Exchange Boss Mysteriously Dies
Laurie Berry | 11 February, 2019, 14:13

"I do not know the password or recovery key", she said.

The exchange, launched in December 2013, allowed users to deposit cash or cryptocurrency through its online trading platform, storing the digital coins on blockchain ledgers that are accessible only by an immutable alphanumeric code.

QuadrigaCX customers have been trying to get their money back for months.

Cotten was always conscious about security - the laptop, email addresses and messaging system he used to run the 5-year-old business were encrypted.

"Despite the best efforts of our clinicians the patient could not be revived and was declared dead approximately at 7:26 pm".

Robertson, in an affidavit filed January 31, said she was not involved in the business, and she insisted Cotten - as QuadrigaCX's CEO and sole director - was the only person with access to the private digital keys.

The hospital in Jaipur, Rajasthan, where Canadian crypto exchange CEO Gerald Cotten spent his last hours has confirmed that he died there from a heart attack caused by complications from Crohn's disease, Times of India reports.

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Fortis Escorts hospital in Jaipur issued a statement Thursday confirming that Cotten was admitted on December 8, 2018, at 9:45 p.m. and died from a cardiac arrest at 7:26 p.m. the next night, according to CoinDesk, an online publication that tracks the cryptocurrency industry.

The private hospital in India where Gerald Cotten, CEO of Canadian cryptocurrency exchange QuadrigaCX died on December 9 a year ago, more details have been released about his sudden death.

A clearer picture is emerging of the young CEO, Gerald Cotten, at the centre of the mysterious demise of one of Canada's largest cryptocurrency exchanges, who died while on a visit to India, a Canadian media report said today.

QuadrigaCX has since been granted creditor protection by a Nova Scotia Supreme court, which essentially protects it from lawsuits while it figures the situation out.

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".

Robertson, Cotten's wife, has reportedly hired a security professional to try to access his laptop to reach the cold wallet. "Work on that front is ongoing". "The information of his death was communicated to the relevant authorities", it continues. Regardless of whether Cotten is a criminal mastermind or merely the only guy with the password, a few simple SOPs for the handling of its customer assets would likely have prevented Quadriga's customers from being stiffed on $190 million.

What is QuadrigaCX doing in the meantime? "We are in the early stages of a long process and we do not have all the answers right now", the post said.

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