Cotten was the only one with access to necessary permissions. Customers reported that once they arrived, there was nobody in the office, or that there was no cash to be disbursed. Cotten passed away from complications that arose from Crohn's disease while on a honeymoon in Indiaapparently taking some $215 million of customer funds to the grave. 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. Was a recently-active Skype account proof he was still alive? He would grow up to be a cryptocurrency entrepreneur and run Canadas largest crypto exchange, QuadrigaCX, before dying under bizarre circumstances in 2018, leaving investors looking for a missing $180 million Canadian dollars. The investors found more questions than answers. thinks that Gerald is deadnor did he ever meet his wife. 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. Things began to sour, however, in 2018, when the price of Bitcoin collapsed. The laptop computer from which Gerry carried out the companies business is encrypted and I do not know the password or recovery key. Soon enough, QuadrigaCXs customers struggled to withdraw money from the exchange. Gerald Cotten. "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. Still, questions about the missing money only mounted when two Globe and Mail reporters followed up on the case. Gerald 'Gerry' Cotten | FAKE Behind 'Hunt For The Crypto King' Netflix | Where Are They Now?Subscribe Here! I'm new to this subreddit, I apologise if anything I have said breaks the rules. Still, all this evidence was circumstantialinvestors hadnt yet found a smoking gun. She had accompanied him to a hospital in Jaipur the previous day and he was diagnosed with septic shock, perforation, peritonitis, and intestinal obstruction. 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. Jennifer RobertsonGerry Cotten,. It just wasnt there. Ernst & Young was able to recover $24m in cash and $9m in assets held by Robertson. Front Burner- Inside Canada's Crypto Mystery, Hot Docs Canadian International Documentary Festival, Trust No One: The Hunt for the Crypto King, "Investigation of Quadriga cryptocurrency debacle turns up only $28 million in assets", "Nothing sinister about bitcoin company CEO's sudden death, friend says", "Troubled Bitcoin trader QuadrigaCX takes another bizarre turn", "Canada's largest cryptocurrency exchange Quadriga seeks creditor protection", "Bitcoin Accounts for 95% of Cryptocurrency Crime, Says Analyst", "Crypto-Exchange Says It Can't Pay Investors Because Its C.E.O. A big chunk of it was given to him by his parents. [22][23] C$28 million held by Costodian, a Quadriga payment processor, was frozen by the Canadian Imperial Bank of Commerce (CIBC) in January 2018. Cotten neglected to pass on the passwords to the accounts, and in 2019, when investigators tracked down Cotten's digital wallets, all the money was gone. A C$100,000 trust fund was made to provide lifelong care for Cotten's two chihuahuas in case of Robertson's death. #GeraldCottenReallyDead #GeraldCottenStillAliveGerald Cotten Really Dead ? Wood ordered a "30-day stay that precludes filing of claims against Quadriga", which is a temporary legal protection from its creditors under the Companies' Creditors Arrangement Act, a legal status that allows insolvent corporations to restructure their business and financial affairs. [38][39], According to some of Cotten's family members, there was a crypto "Dead man's switch" that would provide Quadriga with operating information in the event of his death; however, "neither the monitor nor others involved with the organization are aware of a dead-man switch email having been received. The only catch: only Gerry knew the passwords to the companys crypto-vaults. [42], Quadriga continued to accept deposits until 26 January. "[18], The company tried to raise money and list on the Canadian Securities Exchange (CSE) working with Patryn. Everyone knows the story about the now-defunct QuadrigaCX . Reported by Fansided, Globe and Mail journalist Nathan Vanderklippe spoke to Dr. Sharma, who dealt with Cotten when he came into the hospital. seeks to unravel the mystery of Gerald Cotten, the CEO of crypto exchange QuadrigaCX, who died in 2018. 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. [45], In June 2020, the Ontario Securities Commission officially concluded that Quadriga was indeed a fraud and a Ponzi scheme. Image Source: Social Media. ^ "Quadriga CEO's widow speaks out over his death and the missing crypto millions". The circumstances are dodgy that they chose to honeymoon to India and he suddenly dies from complications of Crohn's disease. Even today, some investors remain unconvinced that Cotten really is dead. 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. His body was repatriated to Canada and a funeral was held in Halifax, Nova Scotia. By clicking Sign up, you agree to receive marketing emails from Insider The thing about conspiracy theories, though, is that they mutate out of control very quickly, and arent always reflective of the latest evidence. Shortly after, the exchange stopped working entirely. In December 2018, Cotten died during his honeymoon with his wife, Jennifer Robertson, in Jaipur, India. I just prayed. The company raised C$850,000 but cancelled plans to list on the exchange in early 2016. At first, the now-closed company allegedly blamed the delay on a legal issue with a bank. Gerald Cotten, the founder of QuadrigaCX, was thought to have had sole access to the funds and coins exchanged on it. But pour in it did. Supposedly, Cottens business associates didnt even know he was married. Some people called for Geralds body to be exhumed. Directed by Luke Sewell, the original Netflix documentary Trust No One: The Hunt for the Crypto King follows a group of cryptocurrency investors hired to investigate the death of exchange founder Gerry Cotten and the alleged $250 million that he stole from them. Quadriga had four employees in 2015 with offices in Vancouver and Toronto, but ran out of money by June 2015. , 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. 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. Then Gerald Cotten suddenly died, in December of 2018, from complications with Crohn's disease. But Bitcoin crashed at the end of 2018, and Cottens flashy lifestyle needed cash to sustain itself. Angry and suspicious investors congregated on Reddit and Telegram to try to get to the bottom of the mystery. 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. Gerald Cotten died suddenly of Crohn's disease - or did he? Attack on Titan Season 4 Part 4 to release Fall 2023, confirms new trailer, {{#media.media_details}} {{#media.focal_point}}. Did he Die? [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. 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. On this Wikipedia the language links are at the top of the page across from the article title. Netflix Special on Bitcoin Fraudster Gerald Cotten, His Wife, and QuadrigaCX. G erald Cotten was 15 when he ran his first documented get-rich-quick scheme. 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. Citing decomposition concerns, lawyers requested the exhumation be completed no later than spring 2020. 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. [17], Ernst & Young reported on 6 February 2019 that C$468,675 (US$354,300) of bitcoin were "inadvertently" sent to an inaccessible cold wallet. [1], The company's CEO and founder, Gerald William Cotten, allegedly died in 2018 after traveling to India. His death certificate was issued by the Indian authorities and contains an incorrect spelling of his name. Thinking that Jennifer had murdered Cotten, the Telegram group spiraled out of control. [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. [2], In January 2019 Ernst & Young reported that Quadriga did not have a bank account, but instead used third-party payment processors. [51], A documentary titled Dead Man's Switch: A Crypto Mystery about the story of Gerald Cotten premiered at the 2021 Hot Docs Canadian International Documentary Festival. The death, and the resulting collapse of Quadriga, set off a score of government and citizen investigations into how so much digital currency could be spirited away. [33] Aaron Matthews served as Director of Operations. Robertson has not been accused of any wrongdoing - and has denied any knowledge of her husband's business dealings. The sudden death of Gerald Cotten in December 2018 plunged the world of cryptocurrency into chaos. There is a clear lesson here that having a single person owning this information creates a huge vulnerability.. It left Robertson the entire C$9.6-million estate and named her as the trustee. He passed away in 2018 with the secret of $250 million. [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. 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. He graduated from York in 2010 with a bachelor's degree in business administration. 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. 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. Jennifer, scared for her safety, entered a safe house. So the Globe goes to Cottens hospital in India to put the whole fake death thing to bed. Thats when the Globe started to be convinced that he was dead, after all. **Warning Spoilers ahead for Trust No One: The Hunt for the Crypto King**. 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. He hopes the Netflix doc will get authorities to "move their asses and do something about it" but also to raise awareness "so it doesn't happen to other people". ", QuadrigaCX founder used aliases, moved assets into personal accounts: report, "Quadriga Crypto Mystery Deepens With 'Cold Wallets' Found Empty", "After founder's sudden death, cryptocurrency exchange can't access $190 million in holdings", "Crypto Mystery: Quadriga's Wallets Are Empty, Putting Fate Of $137 Million in Doubt", "Unable to Retrieve Money, Cryptocurrency Investors Want Dead Executive Exhumed", Crypto exchange Quadriga was a fraud and founder was running Ponzi scheme, OSC report finds, QuadrigaCX: A Review by Staff of the Ontario Securities Commission, Quadriga CEO's widow speaks out over his death and the missing crypto millions, "Quadriga Accidentally Moved More Bitcoin to an Inaccessible Wallet", "Quadriga Founder's Widow Seeks Repayment of Her Costs", "Quadriga Lawyer Withdraws Amid Conflict of Interest Concerns", "Hot Docs Shane Smith: Weve crossed the digital divide", "Exit Scam: A Podcast Series about the Death and Afterlife of Gerald Cotten", "More than $400,000 in QuadrigaCX cryptocurrency disappears into 'cold wallet', "Before Quadriga: How shady ventures in Gerald Cotten's youth led to the creation of his ill-fated cryptocurrency exchange", "Widow of Quadriga crypto founder Gerald Cotten says she had no idea about the $215-million scam", https://en.wikipedia.org/w/index.php?title=Quadriga_Fintech_Solutions&oldid=1141935834, Financial services companies established in 2013, Companies that have filed for bankruptcy in Canada, Pages containing links to subscription-only content, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 27 February 2023, at 17:09. (India is notorious for forging fake death certificates by paying people off). Still, all this evidence was circumstantialinvestors hadnt yet found a smoking gun. No longer a likable nerd, investors thought that Gerald, now sceptre, had been operating scams since he was 15. [47], Gerald Cotten's widow has maintained that she knew nothing about her husband's activities and agreed to forfeit $12 million in assets. They reported that Jennifer said she couldnt get into Cottens laptops, 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. So his spiral down into a life of crime was either pure greed or him seeking the thrill. Gerald Cotten is allegedly meant to have died from Crohn's disease after the exchange crashed. Someone tracked Patryn to a scam forum called TalkGold, where Patryn talked to one user in particular, sceptre, a bunch. Gerald Cotten had an estimated net worth of $80 million at the time of his death. We just send money from our Bitcoin app directly to those paper wallets, and keep it safe that way. Many believe that Cotten faked his death, however, as part of an exit scam to get away with. 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. One of the. Cotton's sudden death from complications of Crohn's disease aged 30 shocked the crypto world - but many believe he may have faked his death in an elaborate "exit scam". His body was embalmed and sent back to Canada for a closed-casket funeral. 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. Thinking that Jennifer had murdered Cotten, the Telegram group spiraled out of control. The crypto entrepreneur bought increasingly lavish purchases: a $600,000 yacht, a high-end Lexus, 17 homes in Canada, a plane. But even the forensic accountants only managed to trace $46 million of the total $215 million customers had deposited onto the exchange. 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. 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. 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. [30], According to Jennifer Robertson, Cotten's widow, he died on 9 December 2018 while travelling in India. Exit Scam host Aaron Lammer told CoinDesk: "My read was that, on some level, Gerry was addicted to scamming, "Addicted to stealing peoples money. He appointed his wife as the executor of his estate, handing over a $9million real estate empire, his yacht and his Cessna plane - and he even left his two dogs an inheritance of $100,000. Given the mysterious circumstances of his deathand the enormous amount of money he controlledits no surprise that conspiracies quickly sprang up in an attempt to piece together the puzzles around his death. Its pretty much money by people for people.. [53], A Netflix documentary titled Trust No One: The Hunt for the Crypto King about the story of Gerald Cotten was released in March 2022. 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. In January 2014 they installed the second Bitcoin ATM in Vancouver. Some have speculated his death was a clever ruse and there have been calls to have his body exhumed to prove it was a "fake". Retrieved 18 January 2022. The 33-year-old has attempted to get his money back in a lawsuit, but hasn't had any luck as yet. - Watch Full Details ! Conspiracy theorists insist that Cotten faked his own death, however, as many irregularities surrounding his death began to circulate, including a copy of his misspelled death certificate and the fact that his funeral had a closed casket. "[46] The Official Ontario Securities report on Quadriga is attached here. But the money, of course, was still missing. Gerald Cotten was the talk of the cryptocurrency world in Canada after he introduced QuadrigaCX, a place where investors could buy and sell cryptocurrency. did gerry and his wife fake his passing and steal the money? Re-thinking indemnification for smart contract risks", "Bitcoin investors face long delays cashing out, criticize two B.C. Gerald 'Gerry' Cotten died in 2018, taking password to access funds with him Credit: Netflix. Some also believe that Gerald isnt even dead at all but rather hiding away with the hundreds of millions of dollars he controlled. They surfed his social media accounts at first, then traced Cottens digital footprints even more closely for clues. Trust No One: The Hunt for the Crypto King is now streaming on Netflix. 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. Some evidence suggested that Jennifer, if real, was acting strangely. 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. 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. 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. Cotten was young, energetic, passionate about cryptocurrency so when. He died just nine days into his honeymoon due to an acute stomach ache. So, Patryn: shit-stirrer, criminal mastermind or another one beguiled by Cotten? Gerald Cotten was 15 when he ran his first documented get-rich-quick scheme. He launched QuadrigaCX in 2013, and it quickly became one of the largest crypto exchanges. Zou resorted to the cryptocurrency scheme to avoid bank charges when moving Vancouver, shifting his money from the US to a Canadian account. [19] Other than a few contractors, it had no employees, offices or bank accounts thereafter. Robertsons sister, for the record, doesnt think that Cotten had fabricated his relationship with Jennifer. Quadriga CX was left owning its 76,000 investors around $215million (CAD). Gerald Cotten. Mar. I didnt know that Gerry was married, he says. 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. 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. [28], Quadriga used an unusual teller-window system for customers to withdraw their money. After his death in December, his colleagues said that about $137 million in cryptocurrency belonging to about 115,000 customers was held offline in "cold storage" and inaccessible. Cotten's sudden death in 2018 led to the disappearance of millions of dollars. Netflixs latest true crime documentary, Trust No One: The Hunt for the Crypto King, has arrived on the streaming platforms extensive catalog of intriguing documentaries. The mystery of Cotten and Quadriga is now the subject of podcasts Exit Scam and A Death In Cryptoland. Gerald Cleophas Betzen, 68. The dude literally said that comment as a complete joke, and I even . But when the banks, the law, and the. [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. However, it was eventually discovered that Gerald had transferred all of his belongings to his wife before his death. November 28, 2022 by Nurudeen. Want to bookmark your favourite articles and stories to read or reference later? Lived In Los Angeles CA, Austin TX, Van Nuys CA . 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. And not even he thinks that Gerald is deadnor did he ever meet his wife. 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. Gerald 'Gerry' Cotten | FAKE Behind 'Hunt For The Crypto King' Netflix | Where Are They Now?Subscribe Here! started to be convinced that he was dead, after all. Customers have since struggled to regain access to their money, citing withdrawl issues and lack of communication from the company. But when co-founder Cotten died during a honeymoon in India, the money was seemingly lost forever. Some speculate that Cotten, who suffered with Crohn's disease, might actually be alive. After some more digging, the reporter found an order form filled out by one Gerald Cotten. [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. 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. Cryptocurrency investors locked out of $190m after exchange founder dies, Original reporting and incisive analysis, direct from the Guardian every morning. The estate includes an airplane, a sailboat, a 2017 Lexus, and real estate in Nova Scotia and Kelowna, British Columbia. A computer issue wiped $14 million of Ethereum off the exchange. Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in, Investors are still hunting for millions in vanished cryptocurrencies, writes Josh Marcus, Find your bookmarks in your Independent Premium section, under my profile. More than three years after the sudden death of Quadriga CEO Gerald Cotten and the revelations that the company was a massive cryptocurrency scam, his widow,. It is highly unusual for only a single executive to be the one with access to a company's fund, further muddying the waters around what happened to Cotten. When Taylor Monahan, founder of MyCrypto, examined the exchanges cold wallets, she couldnt find the lost crypto. "I could have invested it in real estate. Subsequent investigations found that Michael Patryn, one of the co-founders, registered the domain name for QuadrigaCXnot Gerry. Here's my take on Gerald Cotten and his suspicious death. Cottens death will likely remain a mystery, with some believing that he is still residing somewhere in the world with the stolen money. Someone tracked Patryn to a scam forum called TalkGold, where Patryn talked to one user in particular, sceptre, a bunch. 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. [42] Another three empty wallets were believed to possibly be owned by Quadriga. Is Gerald Cotten really dead? X-rays. Quadriga's accounts are estimated to have held 190million ($250million).