Gerald Cotten died on December 9 in India and took a millionaire secret to the grave. He was the only one who knew passwords for a cryptocurrency investment fund, Quadriga CX, of which he was CEO. In this way, access to $ 137 million, equivalent to 119 million euros in its customers' assets, was blocked. As if that were not enough, you could not access another $ 53 million, representing a loss of 190 million (or 166 million euros).
The case arose when the Canadian Imperial Commercial Bank (CIBC) attempted to freeze 28 million assets in the Quadriga CX by not identifying the true owners of the funds. When Cotten, who died of Crohn's disease, was the only one with access to funds, now he does not know how to recover the money.
Quadriga CX is the largest cryptocurrency company in Canada, and now customers demand that Cott's death is proven, fearing a gigantic scam. CEO had traveled to India as a philanthropist at the time of death: it was with the idea of opening an orphanage.
Cotten was 30 years old and his wife was responsible for saying that he only had access to the funds. The Nova Scotia Supreme Court, in Canada, already said there is no way to overcome the blockade. The company had requested "creditor protection" in court after Cot's death to deal with investors. But the CEO handled everything from his personal computer and there is no way to access the accounts from there.
A year ago, the Cotten company had legal problems, and CIBC froze assets for $ 26 million due to irregularities in payments. Now the company is studying to sell its operating platform to get out of step.