[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. It's clear to me that Cotten gave himself millions of dollars worth of crypto as the owner to trade people fake crypto and give himself millions of dollars. lets break it all down. [3][4][5], Quadriga likely never invested the funds entrusted to it, according to Chainalysis, a cryptocurrency tracking firm. Sign up for our newsletter for the latest tech news and scoops delivered daily to your inbox. Lived In Los Angeles CA, Austin TX, Van Nuys CA . And, wildly, was Jennifer, his wife, even real? In January 2014 they installed the second Bitcoin ATM in Vancouver. name was not the same as Robertsons ex-husband, some angry investors lobbed death threats at Jennifer, convinced that she had murdered Cotten, too. I ended up losing my life savings I lost $400,000, Tong Zou, a tech worker quoted in the film, says. Reported by Fansided, Globe and Mail journalist Nathan Vanderklippe spoke to Dr. Sharma, who dealt with Cotten when he came into the hospital. "So far, nothing's been found. [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. So far, only about $46 million has been recovered. "[46] The Official Ontario Securities report on Quadriga is attached here. The Netflix documentary will follow investors-turned-investigators looking into theories on the founder's sudden death. Was he avoiding something or someone? The mystery of Cotten and Quadriga is now the subject of podcasts Exit Scam and A Death In Cryptoland. The Globe and Mail reporters were on the case, and used photos to conclude that they were the same person. Lawyers for customers of an insolvent cryptocurrency exchange have asked police to exhume the body of the companys founder, amid efforts to recover about $190m in Bitcoin which were locked in an online black hole after his death. https://bit.ly/3cAIH4j Newest Vid's https:. I put myself into a deep hole and the only way to dig out of it was to sell my house.. Quadriga started by doing only local trades. Was the CEOknown for his luxurious lifestyle, which included jets, supercars and vacationsmurdered by a mob debt collector or a jealous lover? In other news, Attack on Titan Season 4 Part 4 to release Fall 2023, confirms new trailer, Trust No One: The Hunt for the Crypto King | Official Trailer | Netflix, https://i.ytimg.com/vi/vW2BPQ15OSw/hqdefault.jpg. Either the funds were never received or quickly went missing. The laptop computer from which Gerry carried out the companies business is encrypted and I do not know the password or recovery key. Some 76,000 investors like Zou collectively lost out. Here's my take on Gerald Cotten and his suspicious death. #GeraldCottenReallyDead #GeraldCottenStillAliveGerald Cotten Really Dead ? "Trust No One: The Hunt for the Crypto King". He died just nine days into his honeymoon due to an acute stomach ache. The public didnt learn about the death for another 36 days, until January 2019. His death certificate was issued by the Indian authorities and contains an incorrect spelling of his name. There were other problems around that time. 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. There's also other posts on his Murdoch1337 account that are weird he asks for people to sell him old reddit accounts presumably because he would use these alt accounts to downvote people trying to slander his company or he would make posts on these alts saying how great Quadriga is. Customers have since struggled to regain access to their money, citing withdrawl issues and lack of communication from the company. And meanwhile, Dead Man's Switch director Sheona McDonald said: "There's only two people who really know what happened in India.". Netflix announced an upcoming documentary about the Quadriga Bitcoin saga and the death of CEO Gerald Cotten. A big chunk of it was given to him by his parents. 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. Photo by Gaetano Cessati on Unsplash. In their letter to the RCMP the law firm underlined the need for certainty around the question of whether Mr Cotten is in fact deceased. thinks that Gerald is deadnor did he ever meet his wife. "I kept asking them: Where's my money? She says she never received the passwords. TRUST NO ONE: THE HUNT FOR THE CRYPTO KINGFollow a group of investors turned sleuths as they try to unlock the suspicious death of cryptocurrency multimillionaire Gerry Cotten and the missing $250 million they believe he stole from them. Rather than pay customers via bank wires, they were told to come to a nondescript building in Laval, Quebec to pick up the cash. ", QuadrigaCX founder used aliases, moved assets into personal accounts: report, "Quadriga Crypto Mystery Deepens With 'Cold Wallets' Found Empty", "After founder's sudden death, cryptocurrency exchange can't access $190 million in holdings", "Crypto Mystery: Quadriga's Wallets Are Empty, Putting Fate Of $137 Million in Doubt", "Unable to Retrieve Money, Cryptocurrency Investors Want Dead Executive Exhumed", Crypto exchange Quadriga was a fraud and founder was running Ponzi scheme, OSC report finds, QuadrigaCX: A Review by Staff of the Ontario Securities Commission, Quadriga CEO's widow speaks out over his death and the missing crypto millions, "Quadriga Accidentally Moved More Bitcoin to an Inaccessible Wallet", "Quadriga Founder's Widow Seeks Repayment of Her Costs", "Quadriga Lawyer Withdraws Amid Conflict of Interest Concerns", "Hot Docs Shane Smith: Weve crossed the digital divide", "Exit Scam: A Podcast Series about the Death and Afterlife of Gerald Cotten", "More than $400,000 in QuadrigaCX cryptocurrency disappears into 'cold wallet', "Before Quadriga: How shady ventures in Gerald Cotten's youth led to the creation of his ill-fated cryptocurrency exchange", "Widow of Quadriga crypto founder Gerald Cotten says she had no idea about the $215-million scam", https://en.wikipedia.org/w/index.php?title=Quadriga_Fintech_Solutions&oldid=1141935834, Financial services companies established in 2013, Companies that have filed for bankruptcy in Canada, Pages containing links to subscription-only content, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 27 February 2023, at 17:09. A big chunk of it was given to him by his parents. After some more digging, the reporter found an order form filled out by one Gerald Cotten. G erald Cotten was 15 when he ran his first documented get-rich-quick scheme. TRUST NO ONE: THE HUNT FOR THE CRYPTO KING, a DONT F*CK WITH CATS-style investigative thriller, is now streaming on Netflix. Still, questions about the missing money only mounted when two Globe and Mail reporters followed up on the case. firms", "What happens when your bitcoin banker dies? #GeraldCotten #QuadrigaCX #Netflix #truecrime #wherearetheynow #gerrycotten #crypto #fraud #docuseries #truestory #biography #whathappenedto ------------------------------------IN THIS VIDEO:Sierra Walker ------------------------------------PRODUCER \u0026 FILMED BY:Chris Stiuso------------------------------------VIDEO EDITED BY:Brianna Raakman: https://www.instagram.com/brianna_raakman/ pic.twitter.com/rGymJ5f9Or. [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. 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. 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. It essentially removes the need for a central authority. The only catch: only Gerry knew the passwords to the companys crypto-vaults. Jennifer, scared for her safety, entered a safe house. [42] Another three empty wallets were believed to possibly be owned by Quadriga. Companies have backups, safeguards to protect against this kind of thing. (India is notorious for forging fake death certificates by paying people off). Cotten neglected to pass on the passwords to the accounts, and in 2019, when investigators tracked down Cotten's digital wallets, all the money was gone. By Robin Hill-Gray. At the time, he was the CEO of QuadrigaCX, a company that performed cryptocurrency exchanges. Then, as their accounts accumulated hundreds of millions of dollars, Gerald passed unexpectedly, taking the passwords to the accounts to his grave. Business picked up when Bitcoin hit the big time in 2017, reaching prices close to $20,000. At this point, lots of investors think that Cotten, a man alleged to have a history of scamming, really had faked his own death. About C$1.2 billion worth of bitcoin was exchanged on Quadriga. Netflix Special on Bitcoin Fraudster Gerald Cotten, His Wife, and QuadrigaCX. https://bit.ly/3cAIH4j Newest Vid's https://bit.ly/3JkFmEqFollow Us On Facebook https://bit.ly/3oh5cS8Gerald Cotten or Gerry Cotten's life and tragic passing are shrouded in mystery. 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. 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. Fifteen years later, Mr Cotten, known as Gerry, would be accused of swindling people online of a much bigger prize. Ernst & Young was able to recover $24m in cash and $9m in assets held by Robertson. Mar. So the. One of the. 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. [17], In 2016, Cotten became the sole director of Quadriga when all the other directors resigned. [15] He learned about Bitcoin in Toronto and travelled to Vancouver, British Columbia, where he founded Quadriga in November 2013 with Michael Patryn. 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. I took out three loans from the bank and put it all into crypto. Netflix announced an upcoming documentary about the Quadriga Bitcoin saga and the death of CEO Gerald Cotten. Quadriga's customers are owed C$260 million in cryptocurrency and cash. Where was the rest of the money? The company raised C$850,000 but cancelled plans to list on the exchange in early 2016. In her memoir, Ms Robertson denies shes part of an elaborate plot to fake her husbands death, adding that speculation has led to death threats from stalkers demanding she returns the missing millions. 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. Cotten was the only one with access to necessary permissions. While Robertson has possession of the laptop containing the necessary passwords, she remains locked out. [42], Quadriga continued to accept deposits until 26 January. 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. 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,. 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. NOW WATCH: Netflix is headed for a huge profit milestone in 2018, Personal Finance Insider's picks for best cryptocurrency exchanges. Sign up for notifications from Insider! Mom 'stabs 3 of her kids to death and wounds 2 others in unsupervised visit', Daughter of murdered couple linked to Delphi case reveals paranoia, Serena Williams stepmom's debts continue to spiral amid crumbling home battle, Alex Murdaugh looks unrecognizable in new mugshot hours after sentencing, 2020 THE SUN, US, INC. ALL RIGHTS RESERVED | TERMS OF USE | PRIVACY | YOUR AD CHOICES | SITEMAP. Forensic accountants discovered that Gerry was trading against fake users, crediting their account with fake currencies and pocketing the cash, using the proceeds to play the crypto market. 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. Browse Locations. Then, out of the blue, one Mike Patryn joined the Telegram group that investors were using to discuss conspiracies. The two first met in November 2014 and had been together for some time before tying the knot in October 2018. 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. When Quadriga CEO Gerald Cotten died suddenly in 2018, the passcodes for his cryptocurrency exchange died with him. 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. Is Gerald Cotten really dead? His wife has said she was "upset and disappointed" to learn about the extent of the fraud at her husbands company, writing in a 2019 statement, she wasnt aware or involved in Gerrys trading activities, nor his appropriation of customer funds." Supposedly, Cottens business associates didnt even know he was married. 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. The podcast was hosted by Takara Small. ", He added: "We thought we were looking for basically a rich guy who had stolen money, Now either [Cotten is] dead, or if hes alive, hes a gambling addict whos broke.". Soon enough, QuadrigaCXs customers struggled to withdraw money from the exchange. "I couldn't get any sleep. Gerald Cotten had an estimated net worth of $80 million at the time of his death. Trust No One: The Hunt for the Crypto King is now streaming on Netflix. Gerald Cotten is allegedly meant to have died from Crohn's disease after the exchange crashed. 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. Image Credit: CTV Your Morning/YouTube. The OSC. 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? Jennifer, scared for her safety, entered a safe house. Then you get rid of the fees. Was a recently-active Skype account proof he was still alive? In November 2018 the case was decided with the accounts going to the court to decide the ownership individually. 'Trust No One: The Hunt for the Crypto King' will be released sometime in 2022. [51], A documentary titled Dead Man's Switch: A Crypto Mystery about the story of Gerald Cotten premiered at the 2021 Hot Docs Canadian International Documentary Festival. The circumstances sparked speculation from some in the crypto community that the CEO faked his death and stole his clients' money. His wife Jennifer Robertson said he had promised to create a mechanism that turned thepasswords over to her when he died. Gerald Cotten, the founder of QuadrigaCX, was thought to have had sole access to the funds and coins exchanged on it. "What Quadriga really did with the money that customers gave it to buy Bitcoin remains a mystery," according to Chainalysis. Then, the crypto millionaire suddenly died in India from complications from Crohn's disease about three years ago. Re-thinking indemnification for smart contract risks", "Bitcoin investors face long delays cashing out, criticize two B.C. Gerald Cotten is allegedly meant to have died from Crohns disease after the exchange crashed. I really prayed it wasn't a scam. The tech-savvy individual traced domain names, links, and trades on the blockchain, discovering a lengthy track-record of schemes, from Mr Cottens early days on TalkGold, to his association with a business partner named Michael Patryn. The podcast was reported by Aaron Lammer and Lane Brown.[55]. Something was afoot. But even the forensic accountants only managed to trace $46 million of the total $215 million customers had deposited onto the exchange. They surfed his social media accounts at first, then traced Cottens digital footprints even more closely for clues. So his spiral down into a life of crime was either pure greed or him seeking the thrill. But when the banks, the law, and the. Quadriga's accounts are estimated to have held 190million ($250million). March 30, 2022. She had accompanied him to a hospital in Jaipur the previous day and he was diagnosed with septic shock, perforation, peritonitis, and intestinal obstruction. Shortly after, the exchange stopped working entirely. Thinking that Jennifer had murdered Cotten, the Telegram group spiraled out of control. 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. Exit Scam host Aaron Lammer told CoinDesk: "My read was that, on some level, Gerry was addicted to scamming, "Addicted to stealing peoples money. Subsequent investigations found that Michael Patryn, one of the co-founders, registered the domain name for QuadrigaCXnot Gerry. 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. Thats when the. [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. In December 2018, Cotten died during his honeymoon with his wife, Jennifer Robertson, in Jaipur, India. Though some dont believe Mr Cotten is really gone, the money from Quadriga is. 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. Gerald Cleophas Betzen, 68. 5 Despite repeated and diligent searches, I have not been able to find them written down anywhere, she said in court filings. The business was run from Cotten's encrypted laptop from Cotten's home in Fall River, Nova Scotia. 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. Cotten's sudden death in 2018 led to the disappearance of millions of dollars worth of his investors' Bitcoin funds. 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". Jennifer RobertsonGerry Cotten,. Its pretty much money by people for people.. They reported that Jennifer said she couldnt get into Cottens laptops, 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. And who dies from Crohns disease at 24 years old? But when co-founder Cotten died during a honeymoon in India, the money was seemingly lost forever. 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. Gerald Cotten was the founder of one of Canada's largest cryptocurrency exchanges, Quadriga CX. Was a recently-active Skype account proof he was still alive? 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. I just prayed. A computer issue wiped $14 million of Ethereum off the exchange. Was Patryn, whom employees described as a macho, terrifying character, calling the shots, not Cotten? Robertson has denied any knowledge of her husband's wrongdoing - and in 2019 returned $9million to the company to repay users. Netflixs latest true crime documentary, Trust No One: The Hunt for the Crypto King, has arrived on the streaming platforms extensive catalog of intriguing documentaries. Access your favorite topics in a personalized feed while you're on the go. Netflix has tried to get to the bottom of things in its, Trust No One depicts Cotten as a nerdy, happy-go-lucky, and charming CEO, who was knee-deep in, reporter that the banks, which didnt trust crypto exchanges, had, The investors found more questions than answers. Where was the rest of the money? November 28, 2022 by Nurudeen. When Taylor Monahan, founder of MyCrypto, examined the exchanges cold wallets, she couldnt find the lost crypto. [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. [30], According to Jennifer Robertson, Cotten's widow, he died on 9 December 2018 while travelling in India. The doctor, reported the Globe, initially diagnosed Cotten with little more than travelers diahrrea, but kept him in hospital just in case. California (2) Massachusetts (1) Texas (2) Refine Your Search Results. [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. 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. She has also said she has no idea what the passwords are to access sequestered customer funds, and that it wasnt written down anywhere. [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. According to an investigation by Canada's Globe and Mail, Cotten. On this Wikipedia the language links are at the top of the page across from the article title. I didnt know that Gerry was married, he says. Gerald Cotten Still Alive ? In that case, $851 million entrusted to Crypto Capital had been "lost, stolen or absconded with", according to the suit. Gerald Cotten. On 10 December, a death certificate was issued by the local municipality as well as a "no objection certificate" from the police to return the body to Nova Scotia. He graduated from York with a bachelor of business administration in 2010. Furious investors continue to fight a legal battle to try and have Cotten's body exhumed as they believe his death was a cut and run scam. [33] Aaron Matthews served as Director of Operations. So the Globe goes to Cottens hospital in India to put the whole fake death thing to bed. Want to bookmark your favourite articles and stories to read or reference later? It was alleged that Patryn was involved in a money-laundering ring under a different nameOmar Dhanani. Netflixs documentary definitely seems to be in the corner that Cotten did die, despite the mystery surrounding his death. [21], Throughout 2018, as Bitcoin prices crashed, customers of the exchange reported delays when attempting to withdraw dollars. that after 2016, QuadrigaCX stopped producing consistent data about its holdings, and that large volumes of cryptocurrencies were being sent to foreign crypto exchanges. Directed by Luke Sewell, the original Netflix documentary Trust No One: The Hunt for the Crypto King follows a group of cryptocurrency investors hired to investigate the death of exchange founder Gerry Cotten and the alleged $250 million that he stole from them. A sneak preview of the Netflix doc contains images that suggest the documentary will show the investors dive deeper into these conspiracies. Resides in Beverly Hills, CA. Quadriga CX was left owning its 76,000 investors around $215million (CAD). It certainly started to look like fraud, said one anonymous investor in the doc. It just wasnt there. 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. You transferred them $1,000 and you could see the crypto in your account. Given the intrigue, some went so far as to question whether Mr Cotten had really died and demanded his body be exhumed. Cbc.ca. Quadriga Fintech Solutions was the owner and operator of QuadrigaCX, which was believed to be Canada's largest cryptocurrency exchange. Mr Cottens story is now the subject of the documentary Dead Mans Switch: A Crypto Mystery, which streams on Discovery+, and in the new memoir of wife Jennifer Robertson, Bitcoin Widow: Love, Betrayal and the Missing Millions. 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. [32] It also stated that Quadriga has 363,000 registered users and a sum of C$250 million is owed to 115,000 affected users. His will was signed off just two weeks before he and wife Jennifer Robertson travelled to India on their honeymoon.
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