Details emerging about Gerald Cotten, the young founder of QuadrigaCX

QuadrigaCX granted creditor protection while it searches for $250M in cryptocurrency More

QuadrigaCX granted creditor protection while it searches for $250M in cryptocurrency More

"BCSC does not now have any indication that Quadriga CX, the crypto asset trading platform, was trading in securities or derivatives or operated as a marketplace or exchange under British Columbia securities laws".

Cotten who died in a Jaipur hospital in December has plunged Quadriga into crisis and left it struggling to figure out how to refund more than 100,000 of its users as only he had access to $145 million of bitcoin and other digital assets.

Other experts and execs in the crypto sphere have express their skepticism regarding the exchange's financial woes.

British Columbia Securities Commission, the province's securities regulator, said on Thursday that it does not regulate Quadriga CX, the Vancouver, B.C. -based digital platform whose founder died in December, trapping millions of dollars in cryptocurrencies in its accounts. Cotten's death certificate, issued by the Government of Rajasthan's Directorate of Economics and Statistics, has since surfaced. The agency said QuadrigaCX was not subject to regulation because it did not operate as a marketplace or exchange under securities laws of the province. "As such, BCSC does not regulate it".

British Columbia's securities regulator said it does not have jurisdiction and plans no action, while the Royal Canadian Mounted Police would not say whether an investigation into the mysterious death of the exchange's owner is underway.

To be fair, the reason for people's suspicion was chiefly because Cotten had signed a will 12 days before his death, and everything had been left to his wife.

More news: Dolly Parton Honored by Katy Perry, Little Big Town at Grammys
More news: The last five years were the hottest ever, NASA and NOAA declare
More news: Monster Hunter: World's The Witcher 3

About $190m in cryptocurrency has recently been locked away in an online black account after the founder of QuadrigaCX exchange died, apparently taking his encoded access to their money with him.

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

Cotten was brought to the hospital in a "critical condition" with "pre-existing Crohn's disease and was on monoclonal antibody therapy every 8th week", the statement from Fortis Escorts reads.

The outlet also reports that Cotten, "complained of watery stools, vomiting, crampy abdominal pain and was feeling feverish". Additionally, he was also feeling feverish. Cotton was diagnosed at the hospital with a case of septic shock, perforation peritonitis, and intestinal obstruction. Reportedly, Jennifer Robertson, Cotten's wife, has tried everything possible to find the password but all in vain.

A cryptocurrency analyst, James Edwards, reportedly reviewed the publically available transactions of the exchange, and found no evidence that the exchange is controlled any of the wallets it claimed to.

Back in October, the exchange was caught in another legal dispute with the Canadian Imperial Bank of Commerce [CIBC], which it accused of withholding and preventing access of funds worth $21.6 million.

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.