Then, as their accounts accumulated hundreds of millions of dollars, Gerald passed unexpectedly, taking the passwords to the accounts to his grave. Mystery of crypto CEO who died, taking $250 million with him The user said that he left the company in 2016, and that the company was legitimate at the time. 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. Robertson has denied any knowledge of her husband's wrongdoing - and in 2019 returned $9million to the company to repay users. 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. Start your Independent Premium subscription today. 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. 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. About C$1.2 billion worth of bitcoin was exchanged on Quadriga. And why did the Indian hospital that treated Cotten misspell his name on his death certificate? Then, out of the blue, one Mike Patryn joined the Telegram group that investors were using to discuss conspiracies. [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. Quadriga CX was left owning its 76,000 investors around $215million (CAD). 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. Netflix announced an upcoming documentary about the Quadriga Bitcoin saga and the death of CEO Gerald Cotten. Gerald Cotten, 30, died abruptly in December 2018 of complications relating to Crohns disease while on honeymoon in Jaipur, India, with his wife, Jennifer Robertson. "I could have invested it in real estate. 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. "Trust No One: The Hunt for the Crypto King". We just send money from our Bitcoin app directly to those paper wallets, and keep it safe that way. Indeed, QuadrigaCX launched just three months after sceptre put out a call to build a crypto exchange. [28], Quadriga used an unusual teller-window system for customers to withdraw their money. Some also believe that Gerald isnt even dead at all but rather hiding away with the hundreds of millions of dollars he controlled. Is Gerald Cotten Still Alive? Did He Really Die? - The Cinemaholic [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. Quadriga Fintech Solutions - Wikipedia Stay up to date with what you want to know. He first encountered Bitcoin in Vancouver, British . Was a recently-active Skype account proof he was still alive? https://bit.ly/3cAIH4j Newest Vid's https:. Then you get rid of the fees. Likewise, the public was not much intrigued about their lives up until . Have something to tell us about this article? A sneak preview of the Netflix doc contains images that suggest the documentary will show the investors dive deeper into these conspiracies. It was one of the only games in town [for crypto enthusiasts], Sheona McDonald, who directed the film, told The New York Post. started to be convinced that he was dead, after all. Mr Patryn pled guilty in 2005 to working in an identity fraud ring, and did business under a company called Midas Gold as an intermediary with Liberty Reserve, a Costa Rican digital currency firm busted as one of the largest money laundering operations in history. Then the Ontario Securities Commission opened an investigation. Given the intrigue, some went so far as to question whether Mr Cotten had really died and demanded his body be exhumed. Gerald Cotten died suddenly of Crohn's disease - or did he? Then it emerged that Jennifer had legally changed her name three times in the past few years, and a man sharing one of her former last names was at the center of an unsolved murder case. And meanwhile, Dead Man's Switch director Sheona McDonald said: "There's only two people who really know what happened in India.". Gerald Cotten's body should be exhumed, investors in QuadrigaCX tell But even the forensic accountants only managed to trace $46 million of the total $215 million customers had deposited onto the exchange. The shocking story has been recounted in a new Netflix documentary, Trust No One: The Hunt For The Crypto King. A NEW documentary on rogue crypto trader Gerald Cotton, who took up to $215million in Bitcoin and other digital currencies to his grave, has sparked rumours he may have faked his death. The firm launched in 2014 amid a spectacular rise in the price of cryptocurrencies like Bitcoin, and was handling $1 billion in trades by 2017. [16] In 2014 only C$7.4 million worth of bitcoin were exchanged on Quadriga. The documentary follows a group of Quadriga investors turned sleuths who dig into the suspicious death of Cotten and the millions of missing cryptocurrency they believe Cotten stole from them, according to a tweet from Netflix announcing the film. Supposedly, Cottens business associates didnt even know he was married. Here Is Why People Think Gerald Cotten Is Still Alive. Robertson has not been accused of any wrongdoing - and has denied any knowledge of her husband's business dealings. She had accompanied him to a hospital in Jaipur the previous day and he was diagnosed with septic shock, perforation, peritonitis, and intestinal obstruction. The Secret Life and Strange Death of Quadriga Founder Gerald Cotten [21], Throughout 2018, as Bitcoin prices crashed, customers of the exchange reported delays when attempting to withdraw dollars. 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. #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/ And not even. One source in the doco goes as far as to claim Cotton may have used a substance known as "Haitian zombie powder" to fake his death. 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. He died just nine days into his honeymoon due to an acute stomach ache. Jilted investors in a defunct cryptocurrency company want to confirm the death of the business's founder by exhuming his remains. Cotten's sudden death in 2018 led to the disappearance of millions of dollars worth of his investors' Bitcoin funds. Reported by Fansided, Globe and Mail journalist Nathan Vanderklippe spoke to Dr. Sharma, who dealt with Cotten when he came into the hospital. In that case, $851 million entrusted to Crypto Capital had been "lost, stolen or absconded with", according to the suit. Thats when the. He would then use this crypto to make investments himself on other digital exchanges as he furnished his own pockets at the expense of his investors, according to accounting firm Ernst & Young. Cotten was the only one with access to necessary permissions. - October, November, December - during all that time," he said. Gerald Cotten is allegedly meant to have died from Crohn's disease after the exchange crashed. There was no way of getting my money back. 'Trust No One: The Hunt for the Crypto King' will be released sometime in 2022. Despite presenting himself as mild mannered and clean cut, Cotten was found to have had a history of carrying out financial cons - starting when he was just a teenager. 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. , one of the co-founders, registered the domain name for QuadrigaCXnot Gerry. Uncertainty about the missing funds has fueled speculation that Cotten may still be alive. 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. [42] Another three empty wallets were believed to possibly be owned by Quadriga. The teen, a bright computer enthusiast from Belleville, Ontario, ran the operation on an online forum called TalkGold . Despite repeated and diligent searches, I have not been able to find them written down anywhere, she said in court filings. His death certificate was issued by the Indian authorities and contains an incorrect spelling of his name. It has led the pack of other streaming giants, producing the most projects in the true-crime genre as of 2020. It just wasnt there. 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. goes to Cottens hospital in India to put the whole fake death thing to bed. 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. Some speculate that Cotten, who suffered with Crohn's disease, might actually be alive. 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. "It just makes me more depressed about it," Zou told Sky News. Gerald 'Gerry' Cotten died in 2018, taking password to access funds with him Credit: Netflix. It was alleged that Patryn was involved in a money-laundering ring under a different nameOmar Dhanani. Some people called for Geralds body to be exhumed. Soon after his death, however, reports surfaced that nearly 80,000 users of QuadrigaCX at the time Canadas largest cryptocurrency exchange were unable to access funds totalling more $190m. 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. 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. NOW WATCH: Netflix is headed for a huge profit milestone in 2018, Personal Finance Insider's picks for best cryptocurrency exchanges. Citing decomposition concerns, lawyers requested the exhumation be completed no later than spring 2020. Netflix announced an upcoming documentary about the Quadriga Bitcoin saga and the death of CEO Gerald Cotten. Was a recently-active Skype account proof he was still alive? Someone tracked Patryn to a scam forum called TalkGold, where Patryn talked to one user in particular, sceptre, a bunch. Official investigations into the matter have yet to produce any definitive answers. A lost password, a sudden death and $180M in missing crypto The tech whiz however didn't even need to do it - being an early believer in crypto, he likely would have got rich without the need to scam people. "You appear dead for a few days, until you get the cure," the source said. A C$24.7 million disbursement fund has been planned with C$300,000 to go to Cotten's widow, Jennifer Robertson, who advanced that amount to start the court proceedings; C$200,000 will go to Ernst & Young and another C$250,000 to its lawyers; C$229,842 will go to Quadriga's lawyers; and C$17,000 to independent contractors. "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. Where is Gerald Cotten's Wife Jen Robertson Now? - The Cinemaholic Mystery of rogue Bitcoin trader who 'died' taking with - The Sun It sucks.". that after 2016, QuadrigaCX stopped producing consistent data about its holdings, and that large volumes of cryptocurrencies were being sent to foreign crypto exchanges. Quadriga started by doing only local trades. Overcast with rain showers at times. [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. Gerald Cotten Still Alive ? Neither Costodian or Quadriga could access the funds. QuadrigaCX's Crypto Accounts Were Emptied Months Before CEO's 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. I didnt know that Gerry was married, he says. 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. Crypto CEO's Mysterious Death Will Be Made Into Netflix Doc Obituary -Gerald Cotten Wife, Death Cause, Alive or Death? Wikipedia [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. I really prayed it wasn't a scam. [9][10], The Royal Canadian Mounted Police (RCMP) and the U.S. Federal Bureau of Investigation (FBI) were reportedly investigating the company. A computer issue wiped $14 million of Ethereum off the exchange. Browse Locations. [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. All Filters. It certainly started to look like fraud, said one anonymous investor in the doc. ET. The OSC tugged on the same thread, but neither could get hold of him. [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. Was he avoiding something or someone? Do you have a story for The Sun Online Tech & Science team? - Watch Full Details ! So the Globe goes to Cottens hospital in India to put the whole fake death thing to bed. Gerald Cotten, the founder of QuadrigaCX, was thought to have had sole access to the funds and coins exchanged on it. "I kept asking them: Where's my money? He appointed Peter Wedlake of Grant Thornton to be chief restructuring officer. His death left investors locked out of their money and left Jennifer Robertson, Gerry's wife . Its the swindler story you havent heard of until now. Cotten's widow has rarely spoken publicly, but in an affidavit has described herself as being subject to "slanderous comments" over accusations her husband faked his death. Gerald died while on a honeymoon with his wife Je "So far, nothing's been found. 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. "I couldn't get any sleep. Shortly after, the exchange stopped working entirely. Still, all this evidence was circumstantialinvestors hadnt yet found a smoking gun. Then, the crypto millionaire suddenly died in India from complications from Crohn's disease about three years ago. The Globe and Mail reporters were on the case, and used photos to conclude that they were the same person. [47], Gerald Cotten's widow has maintained that she knew nothing about her husband's activities and agreed to forfeit $12 million in assets. 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. I took out three loans from the bank and put it all into crypto. [43][44] On 13 December 2019, the court-appointed law firm representing the exchange's former users sent a letter to the RCMP asking that they exhume Cotten's body to confirm his identity and verify a cause of death. And who dies from Crohns disease at 24 years old? Was the CEOknown for his luxurious lifestyle, which included jets, supercars and vacationsmurdered by a mob debt collector or a jealous lover? What Happened to Jennifer Robertson and Where Is Gerald Cotten's Wife Now? His body was repatriated to Canada and a funeral was held in Halifax, Nova Scotia. There were other problems around that time. [19] Other than a few contractors, it had no employees, offices or bank accounts thereafter. The circumstances sparked speculation from some in the crypto community that the CEO faked his death and stole his clients' money. [30], According to Jennifer Robertson, Cotten's widow, he died on 9 December 2018 while travelling in India. Everyone knows the story about the now-defunct QuadrigaCX . [24][25][26], According to court filings, Quadriga also used WB21 as a payment processor. The laptop computer from which Gerry carried out the companies business is encrypted and I do not know the password or recovery key. For instance, had Cottens death certificate, which spelled his name as Cottan, been faked? Jennifer, scared for her safety, entered a safe house. 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. But, due to the strict security of crypto, we may never know. [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. G erald Cotten was 15 when he ran his first documented get-rich-quick scheme. In December 2018, Cotten died during his honeymoon with his wife, Jennifer Robertson, in Jaipur, India. Gerald Cotten: 5 Fast Facts You Need to Know | Heavy.com Many believe that Cotten faked his death, however, as part of an exit scam to get away with stealing millions from Quadrigas customers. "At that time, there was nothing I could do. [48], On 5 February 2019, Nova Scotia Supreme Court Justice Michael J. 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. He graduated from York in 2010 with a bachelor's degree in business administration. X-rays. Indian authorities maintain that Cotten, whose body was repatriated to Nova Scotia for a small closed-casket funeral, died on Dec. 9, 2018, shortly after checking into a luxury hotel in Jaipur. TRUST NO ONE: THE HUNT FOR THE CRYPTO KING, a DONT F*CK WITH CATS-style investigative thriller, is now streaming on Netflix. Gerald Cotten. , 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. You transferred them $1,000 and you could see the crypto in your account. It was a perfect match, sparked up on Tinder, she said in the documentary. 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. CRYPTO scams are popping up all over the internet. Tong Zou is one of thousands of customers left seriously out of pocket following Gerald 'Gerry' Cotten's mysterious death in 2018 at the age of 30. [52], The CBC released a 6-episode podcast about Quadriga and the death of its founder called A Death in Cryptoland. Did Cotten fake his own death, investors began to ask, absconding to lands anew under a new name and a surgically rejigged face? Netflix's 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. 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. (His wife says he is in fact dead and witnessed his funeral). But when the banks, the law, and the. Cotten's sudden death in 2018 led to the disappearance of millions of dollars. Gerald Cotten is still alive (proof) : r/QuadrigaCX - Reddit Further complicating the matter the company's co-founder Michael Patryn was revealed to actually be a man named Omar Dhanani, who had previously been convicted in the US of identity fraud. November 28, 2022 by Nurudeen. The OSC. Sign up for our newsletter for the latest tech news and scoops delivered daily to your inbox. [7] Meanwhile, in order to manage the finances of the company during the process, a third-party monitor, Ernst & Young, was appointed. We pay for your stories! Still, questions about the missing money only mounted when two Globe and Mail reporters followed up on the case. "What Quadriga really did with the money that customers gave it to buy Bitcoin remains a mystery," according to Chainalysis. Quadriga had four employees in 2015 with offices in Vancouver and Toronto, but ran out of money by June 2015. [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. He was able to keep the venture, called S&S Investments, going for three months, before it folded and investors money was gone. Re-thinking indemnification for smart contract risks", "Bitcoin investors face long delays cashing out, criticize two B.C. 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