Cotton took with him to the grave the keys that allowed access to the digital vault containing his investors cash that they had ploughed into Quadriga CX. 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. "[40][41], Ernst & Young found five Quadriga cold wallet addresses, but they were empty, containing no cryptocurrency since April 2018. "At that time, there was nothing I could do. 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. [15] He learned about Bitcoin in Toronto and travelled to Vancouver, British Columbia, where he founded Quadriga in November 2013 with Michael Patryn. The laptop computer from which Gerry carried out the companies business is encrypted and I do not know the password or recovery key. Subsequent investigations found that Michael Patryn, one of the co-founders, registered the domain name for QuadrigaCXnot Gerry. Gerald Cotten was the talk of the cryptocurrency world in Canada after he introduced QuadrigaCX, a place where investors could buy and sell cryptocurrency. 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. name was not the same as Robertsons ex-husband, some angry investors lobbed death threats at Jennifer, convinced that she had murdered Cotten, too. The sudden death of Gerald Cotten in December 2018 plunged the world of cryptocurrency into chaos. He was one of the wealthiest people in the crypto world, and his company was at its pinnacle. 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. Then the Ontario Securities Commission opened an investigation. 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. 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. 29 2022, Published 3:03 p.m. To add credence to the theory that he faked his own death and is still alive, Bloomberg reported that the crypto exchange founder filed his will just 12 days before he apparently died. 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? Cotten In 2013 was looking for a programmer to help him create a bitcoin marketplace using the account name Murdoch1337 on a BlackHat Forum and this account was last seen active in August 2019 at this point he should have been "dead" for a long time. [28], Quadriga used an unusual teller-window system for customers to withdraw their money. Browse Locations. https://www.blackhatworld.com/seo/hiring-a-programmer-website-like-bitstamp-bitcoin-trading-project.605236/. 5 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. Gerald Cotten. 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. Quadriga CX was left owning its 76,000 investors around $215million (CAD). 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. But months later, customers still couldnt take their money out. The 33-year-old has attempted to get his money back in a lawsuit, but hasn't had any luck as yet. The company's CEO and founder, Gerald William Cotten, allegedly died in 2018 after traveling to India. While Robertson has possession of the laptop containing the necessary passwords, she remains locked out. So, Patryn: shit-stirrer, criminal mastermind or another one beguiled by Cotten? [50], Quadriga's lawyer, the firm Stewart McKelvey, withdrew from the case due to a potential conflict of interest. A big chunk of it was given to him by his parents. The new documentary "Dead Man's Switch" looks at the mystery of Gerald Cotten, the QuadrigaCX CEO who unexpectedly died and some $250 in investors' money seemingly disappeared with him. Fifteen years later, Mr Cotten, known as Gerry, would be accused of swindling people online of a much bigger prize. Sam, Bangs & Moonshine by Evaline Ness (Holt). And, wildly, was Jennifer, his wife, even. The couple were on their honeymoon in India, where Jennifer had dreams of opening an orphanage. Someone tracked Patryn to a scam forum called TalkGold, where Patryn talked to one user in particular, sceptre, a bunch. There was no way of getting my money back. His death sparked online debates and string theories on Reddit and. The dude literally said that comment as a complete joke, and I even . 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. We just send money from our Bitcoin app directly to those paper wallets, and keep it safe that way. The two first met in November 2014 and had been together for some time before tying the knot in October 2018. thinks that Gerald is deadnor did he ever meet his wife. Want to bookmark your favourite articles and stories to read or reference later? Sign up for our newsletter for the latest tech news and scoops delivered daily to your inbox. We explain how to spot them. He appointed Peter Wedlake of Grant Thornton to be chief restructuring officer. Investors tried to pull their money from Quadriga, but sometimes faced month-long delays. Did he Die? Business picked up when Bitcoin hit the big time in 2017, reaching prices close to $20,000. Netflix announced an upcoming documentary about the Quadriga Bitcoin saga and the death of CEO Gerald Cotten. Cotten was young, energetic, passionate about cryptocurrency so when. Both Canadas tax authorities and the FBI are also investigating the company. Some evidence suggested that Jennifer, if real, was acting strangely. ", 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.". 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. For instance, had Cottens death certificate, which spelled his name as Cott, , been faked? California (2) Massachusetts (1) Texas (2) Refine Your Search Results. In December 2018, Cotten died during his honeymoon with his wife, Jennifer Robertson, in Jaipur, India. However, it was eventually discovered that Gerald had transferred all of his belongings to his wife before his death. Have something to tell us about this article? So the. Netflix announced an upcoming documentary about the Quadriga Bitcoin saga and the death of CEO Gerald Cotten. The shocking story has been recounted in a new Netflix documentary, Trust No One: The Hunt For The Crypto King. His death left investors locked out of their money and left Jennifer Robertson, Gerry's wife . **Warning Spoilers ahead for Trust No One: The Hunt for the Crypto King**. https://bit.ly/3cAIH4j Newest Vid's https:. I ended up losing my life savings I lost $400,000, Tong Zou, a tech worker quoted in the film, says. 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. There's only two people who really know what happened in India. All Filters. 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. "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. Uncertainty about the missing funds has fueled speculation that Cotten may still be alive. The thing about conspiracy theories, though, is that they mutate out of control very quickly, and arent always reflective of the latest evidence. Access your favorite topics in a personalized feed while you're on the go. Was a recently-active Skype account proof he was still alive? Gerald Cotten had an estimated net worth of $80 million at the time of his death. Then you get rid of the fees. The investors found more questions than answers. Now Cottens jet-set lifestyle looked suspicious. Bankruptcy trustees have managed to recover around $34million from Quadriga and $12million in assests from Cotten's estate - but the rest remains locked away in the digital world of crypto. Disclosure: Mathias Dpfner, CEO of Business Insider's parent company, Axel Springer, is a Netflix board member. Cbc.ca. [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. [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. Fake trading: I'm almost certain that he was trading with fake crypto, Chris Markay was one of the accounts that Cotten used to trade his "crypto" he also is known to have other aliases Sceptre Gerry, Aretwo Deetwo and Seethree Peaohh. Then the Ontario Securities Commission opened an investigation. Then, the crypto millionaire suddenly died in India from complications from Crohn's disease about three years ago. A bitcoin mining operation in Saint Hyacinthe, Quebec. 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. In December of 2018, the jet-setting crypto couple headed to India for their honeymoon, where Mr Cotten died of complications from Crohns disease, 12 days after modifying his will. 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. He convinced tons of investors to fork over their money so he could invest it into Crypto. Mar. No one but him can access accounts, he ran a whole market on a laptop by himself with no other employees or partners anymore so only he could access it and he suddenly dies when he would be in massive debt for delayed payments and would likely be convicted for fraud or money laundering. 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. lets break it all down. Netflixs documentary definitely seems to be in the corner that Cotten did die, despite the mystery surrounding his death. The public didnt learn about the death for another 36 days, until January 2019. (India is notorious for forging fake death certificates by paying people off). We pay for your stories! Cotten also took flying lessons as he appeared to be possibly preparing for a life on the run. Was the CEOknown for his luxurious lifestyle, which included jets, supercars and vacationsmurdered by a mob debt collector or a jealous lover? At the time, he was the CEO of QuadrigaCX, a company that performed cryptocurrency exchanges. (Neither men were charged in connection with Liberty Reserve). Ernst & Young was able to recover $24m in cash and $9m in assets held by Robertson. 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. Lawyers representing investors in what BBC. NOW WATCH: Netflix is headed for a huge profit milestone in 2018, Personal Finance Insider's picks for best cryptocurrency exchanges. His death was kept secret for a month by the firm before it was finally announced - and it was found he had spent millions in investors' money funding his own lavish lifestyle. But the money, of course, was still missing. March 30, 2022. [17] Michael Gastauer, Chief Executive of WB21, has been named in a civil lawsuit by the U.S. Securities and Exchange Commission as part of a US$165 million fraud. Still, questions about the missing money only mounted when two. Despite repeated and diligent searches, I have not been able to find them written down anywhere, she said in court filings. She has also said she has no idea what the passwords are to access sequestered customer funds, and that it wasnt written down anywhere. I took out three loans from the bank and put it all into crypto. Did Cotten fake his own death, investors began to ask, absconding to lands anew under a new name and a surgically rejigged face? [7] Meanwhile, in order to manage the finances of the company during the process, a third-party monitor, Ernst & Young, was appointed. 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. In court filings, it was revealed that Mr Cottens email was listed as Midas Golds contact. [31], Robertson filed an affidavit on behalf of the company which included a "Statement of Death" for Cotten, filed in Halifax, Nova Scotia, on 12 December 2018. 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. So what exactly happened to Cotten, and is he still alive somewhere sitting on a mountain of stolen crypto? Jilted investors in a defunct cryptocurrency company want to confirm the death of the business's founder by exhuming his remains. Many believe that Cotten faked his death, however, as part of an exit scam to get away with. The circumstances are dodgy that they chose to honeymoon to India and he suddenly dies from complications of Crohn's disease. Gerald Cotten is still alive (proof) I remember exactly 2 and a half weeks ago, someone on this subreddit that was jokingly talking about gerald said "Watch Quadriga say that they can't access cold wallets because Gerald died and he was the only one with access to the keys". A new Netflix true-crime documentary is tackling a bizarre story from the world of cryptocurrency. The user said that he left the company in 2016, and that the company was legitimate at the time. The OSC. 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. On this Wikipedia the language links are at the top of the page across from the article title. The teen, a bright computer enthusiast from Belleville, Ontario, ran the operation on an online forum called TalkGold, and promised his investors inconceivable returns of up to 150 per cent in two days. 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. firms", "What happens when your bitcoin banker dies? Image Source: Social Media. 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.. - October, November, December - during all that time," he said. A C$100,000 trust fund was made to provide lifelong care for Cotten's two chihuahuas in case of Robertson's death. Stay up to date with what you want to know. "It just makes me more depressed about it," Zou told Sky News. Retrieved 18 January 2022. April 2, 2022 Netflix Nobody was expecting Gerald Cotten, the CEO of Canadian Bitcoin exchange QuadrigaCX, to die at 30. And, wildly, was Jennifer, his wife, even real? The estate includes an airplane, a sailboat, a 2017 Lexus, and real estate in Nova Scotia and Kelowna, British Columbia. Dhanani also had pleaded guilty to burglary and grand theft charges and had been deported to Canada. 'Trust No One: The Hunt for the Crypto King' will be released sometime in 2022. A Canadian bank froze another $21 million of funds. His body was repatriated to Canada and a funeral was held in Halifax, Nova Scotia. Died, and He Had the Passwords", "Pre-filing report of the proposed monitor", "Controversial QuadrigaCX cryptocurrency exchange placed in bankruptcy", "Quadriga Should Shift to Bankruptcy Proceedings, Monitor Says", "FBI Probing Bitcoin Exchange Quadriga Over Missing $136 Million, Source Alleges", "Quadriga: Lawyers for users of bankrupt crypto firm seek exhumation of founder", "How Gerald Cotten built Quadriga and created the ensuing crypto storm", "Ponzi Schemes, Private Yachts, and a Missing $250 Million in Crypto: The Strange Tale of Quadriga", "Geek Speak: Gerald Cotton, CEO of Quadriga CX", "Crypto chaos: From Vancouver to Halifax, tracing the mystery of Quadriga's missing millions", "Quadriga's late founder used to store clients' Bitcoin passwords on paper so they wouldn't get lost", "A crypto exchange CEO dies-with the only key to $137 million", "Details emerging about Gerald Cotten, the young founder of QuadrigaCX", "My smart contract just ate $14 millionnow what? Gerald Cotten was 15 when he ran his first documented get-rich-quick scheme. 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. One of the Globe reporters had a hunch that this was Gerry Cotten, and traced the account to another online den of thieves, BlackHatWorld. On the 9th, he allegedly died after episodes of cardiac arrest. Some speculate that Cotten, who suffered with Crohn's disease, might actually be alive. 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. Even today, some investors remain unconvinced that Cotten really is dead. Gerald Cotten. The podcast was hosted by Takara Small. Many believe that Cotten faked his death, however, as part of an exit scam to get away with stealing millions from Quadrigas customers. TRUST NO ONE: THE HUNT FOR THE CRYPTO KING, a DONT F*CK WITH CATS-style investigative thriller, is now streaming on Netflix. Robertson has denied any knowledge of her husband's wrongdoing - and in 2019 returned $9million to the company to repay users. [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. [17] In June 2017, Quadriga announced that they had lost ethereum worth US$14 million due to a smart contract error. Robertson has not been accused of any wrongdoing - and has denied any knowledge of her husband's business dealings. Re-thinking indemnification for smart contract risks", "Bitcoin investors face long delays cashing out, criticize two B.C. Cotten's sudden death in 2018 led to the disappearance of millions of dollars. "What Quadriga really did with the money that customers gave it to buy Bitcoin remains a mystery," according to Chainalysis. Dying from Crohn's disease when only 1.6% of sufferers from this disease die of it and to happen to die from . And not even. [33] Aaron Matthews served as Director of Operations. Still, questions about the missing money only mounted when two Globe and Mail reporters followed up on the case. He first encountered Bitcoin in Vancouver, British . He was 30-years-old at the time of his death. Companies have backups, safeguards to protect against this kind of thing. Jennifer, scared for her safety, entered a safe house. Netflix has seen a boom with its true-crime docuseries, from 'Tiger King' to 'Making a Murderer.' 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. It certainly started to look like fraud, said one anonymous investor in the doc. Gerald Cotten, the founder of QuadrigaCX, was thought to have had sole access to the funds and coins exchanged on it. 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. "I could have invested it in real estate. 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. [6], Ernst & Young was appointed as an independent monitor while Quadriga was granted temporary legal protection from its creditors under the Companies' Creditors Arrangement Act. It stated that Gerald Cotten committed fraud by opening accounts under aliases and crediting himself with fictitious currency and crypto asset balances, which he traded with unsuspecting clients and that "What happened at Quadriga was an old-fashioned fraud wrapped in modern technology. Gerald and Jennifer kept most of their relationship away from the public. Neither Costodian or Quadriga could access the funds. [49], On 5 March 2019, Justice Wood extended Quadriga's court protection to 23 April. Gerald Cotten, 30, died abruptly in December 2018 of complications relating to Crohn's disease while on honeymoon in Jaipur, India, with his wife, Jennifer Robertson.