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'Details emerging about the death of Canadian cryptocurrency exchange CEO who died in India'

Press Trust of India  |  Toronto 

A clearer picture is emerging of the young at the centre of the mysterious demise of one of Canada's largest cryptocurrency exchanges, who died while on a visit to India, a Canadian media report said Friday.

Gerald Cotten, a resident originally from died suddenly while in on December 9, leaving his virtual company, QuadrigaCX, without access to USD 145 million in Bitcoins and other digital assets.

His widow, Jennifer Robertson, has said in court documents that Cotten, 30, was the only person with access to his laptop, which is thought to contain the digital keys to the so-called cold wallets containing the missing cryptocurrency.

The circumstances surrounding Cotten's death and the way he conducted his business from the couple's home in Fall River, has led to a flurry of speculation and allegations in internet chat rooms, The Canadian Press reported.

It said some former users have come forward to raise questions about the 250 million dollars in cash and cryptocurrency owed to 115,000 of them.

Cotten signed his will on November 27, 2018 less than two weeks before he died at a private hospital in Jaipur, the report noted.

In an application to probate the will, filed on December 21, 2018, Robertson confirmed that the gross value of Cotten's personal property all of which was left to her was 9.6 million dollars. She was granted the right to administer his estate as executor on January 2, the report said.

The will specifically states that Robertson was authorised to access his digital assets and "obtain, access, modify, delete and control (his) passwords and other electronic credentials."

Robertson, in an affidavit filed January 31, said she was not involved in the business, and she insisted Cotten as QuadrigaCX's and sole was the only person with access to the private digital keys.

The will includes a few details about Cotten's assets, but those items are limited to a section dealing with property that would have been bequeathed to friends and relatives should Robertson die within 30 days of his death, the report said.

There was also a plan in place to provide 100,000 dollars to Cotten's in-laws to help them cover the costs of caring for the couple's pet Chihuahuas, Nitro and Gully.

Court documents attached to the will include a statement of death from the in Halifax, dated December 12, which says Cotten died in on December 9. The cause of death is not listed.

In her affidavit, Robertson says she has been subjected to online threats, slanderous comments and speculation about Cotten's death, "including whether he is really dead."


Robertson said Cotten was diagnosed with Crohn's disease at the age of 24, about a year after he co-founded with his partner

She said Cotten died from complications linked to the disease, which disrupts digestion by causing inflammation of the bowels.

hospital in issued a statement on Thursday confirming that Cotten was admitted on December 8, 2018, and that he died from a cardiac arrest the next night.

Meanwhile, industry critics have come forward to say the debacle has proven to be a major embarrassment for Canada's cryptocurrency industry, which includes more than a dozen exchanges across the country.

The issued a statement Thursday saying it has been aware of QuadrigaCX's operations since 2017. 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.

On Tuesday, the Supreme Court granted QuadrigaCX protection from its creditors and a 30-day stay of proceedings to given the insolvent company time to find the missing currency and draft a plan to restructure or sell the business.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, February 08 2019. 21:20 IST
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