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. Their online exchange launched after the first month. Disclosure: Mathias Dpfner, CEO of Business Insider's parent company, Axel Springer, is a Netflix board member. ", 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. Dying from Crohn's disease when only 1.6% of sufferers from this disease die of it and to happen to die from . Gerald Cotten died suddenly of Crohn's disease - or did he? Cotten and Patryn's past: He's also been linked to many other "Cryptocurrency markets" in the past with his old partner Patryn who has changed his name twice because he was charged with laundering money. Mar. 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. 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. In her memoir, Ms Robertson denies shes part of an elaborate plot to fake her husbands death, adding that speculation has led to death threats from stalkers demanding she returns the missing millions. [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. Cops believe that Quadriga CX was actually an wide-ranging Ponzi scheme - and Cotten would use fake accounts under the name "Chris Markay" to "buy" his customers Bitcoin using fake cash. [17], In 2016, Cotten became the sole director of Quadriga when all the other directors resigned. **Warning Spoilers ahead for Trust No One: The Hunt for the Crypto King**. The couple were on their honeymoon in India, where Jennifer had dreams of opening an orphanage. So the Globe goes to Cottens hospital in India to put the whole fake death thing to bed. Uncertainty about the missing funds has fueled speculation that Cotten may still be alive. Quadriga Fintech Solutions was the owner and operator of QuadrigaCX, which was believed to be Canada's largest cryptocurrency exchange. Then, out of the blue, one Mike Patryn joined the Telegram group that investors were using to discuss conspiracies. [15] He learned about Bitcoin in Toronto and travelled to Vancouver, British Columbia, where he founded Quadriga in November 2013 with Michael Patryn. 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. [24][25][26], According to court filings, Quadriga also used WB21 as a payment processor. Netflix Special on Bitcoin Fraudster Gerald Cotten, His Wife, and QuadrigaCX. Where was the rest of the money? 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. 'Trust No One: The Hunt for the Crypto King' will be released sometime in 2022. Netflix announced an upcoming documentary about the Quadriga Bitcoin saga and the death of CEO Gerald Cotten. On the 9th, he allegedly died after episodes of cardiac arrest. Customers reported that once they arrived, there was nobody in the office, or that there was no cash to be disbursed. He died just nine days into his honeymoon due to an acute stomach ache. Then you get rid of the fees. Then in January, 2019, Cottens wife Jennifer Robertson announced that he had died a month earlier. 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. [11] Lawyers for the customers of the exchange have asked that Cotten's body be exhumed.[12]. Mr Cottens story is now the subject of the documentary Dead Mans Switch: A Crypto Mystery, which streams on Discovery+, and in the new memoir of wife Jennifer Robertson, Bitcoin Widow: Love, Betrayal and the Missing Millions. 29 2022, Published 3:03 p.m. The podcast was hosted by Takara Small. , 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. But even the forensic accountants only managed to trace $46 million of the total $215 million customers had deposited onto the exchange. The company raised C$850,000 but cancelled plans to list on the exchange in early 2016. While Robertson has possession of the laptop containing the necessary passwords, she remains locked out. Gerald 'Gerry' Cotten died in 2018, taking password to access funds with him Credit: Netflix. She says she never received the passwords. [17][20], In 2017, Bitcoin experienced a speculative frenzy rising in price from about US$1,000 to almost US$20,000. [50], Quadriga's lawyer, the firm Stewart McKelvey, withdrew from the case due to a potential conflict of interest. Thats when the Globe started to be convinced that he was dead, after all. Gerald Cotten, the founder of QuadrigaCX, was thought to have had sole access to the funds and coins exchanged on it. But the money, of course, was still missing. The crypto entrepreneur bought increasingly lavish purchases: a $600,000 yacht, a high-end Lexus, 17 homes in Canada, a plane. Some also believe that Gerald isnt even dead at all but rather hiding away with the hundreds of millions of dollars he controlled. Subsequent investigations found that Michael Patryn, one of the co-founders, registered the domain name for QuadrigaCXnot Gerry. ", "Vancouver crypto exchange, CIBC clash over frozen accounts", "Judge rules with CIBC, grants possession of disputed Quadriga funds to Ontario Superior Court", "The fintech 'genius' accused in $165m fraud", "Crypto Firm Cited in Bitfinex Case Had Also Worked With Quadriga", "Quadriga co-founder served time in U.S. for role in identity-theft ring, documents reveal", "Criminal Past Haunts Surviving Founder of Troubled Crypto Exchange", "Crypto firm CEO with $190 million password did die in Jaipur hospital", "Cryptocurrency Exchange Says It Can't Access $190 Million After CEO Unexpectedly Died", "Millions in cryptocurrencies frozen in Canada after only person who had password dies in India", "Crypto Exchange Founder Filed Will 12 Days Before He Died", "Quadriga CEO, whose death ignited a cryptocurrency storm, a kind man with taste for fine things, say friends", "Crypto Exchange Mystery Deepens as Board Seeks Court Protection", "Crypto exchange Quadriga files for creditor protection", "Quadriga mystery deepens with little evidence of cold wallets containing $250M", "A Crypto-Mystery: Is $136 Million Stuck or Missing? Then Cotten took a turn for the worse: he went into cardiac arrest three times; the third time, the doctors couldnt revive him and declared him dead. [42] Another three empty wallets were believed to possibly be owned by Quadriga. 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. After some more digging, the reporter found an order form filled out by one Gerald Cotten. Gerald Cleophas Betzen, 68. On this Wikipedia the language links are at the top of the page across from the article title. Zou trusted Quadriga CX, Canada's largest cryptocurrency exchange, with C$500,000 (305,000). At first, the now-closed company allegedly blamed the delay on a legal issue with a bank. So, Patryn: shit-stirrer, criminal mastermind or another one beguiled by Cotten? [34][35], On 14 January 2019,[36] Quadriga announced that their CEO, Gerald Cotten, had died the month prior from Crohn's disease while doing volunteer work at an orphanage in India. did gerry and his wife fake his passing and steal the money? But even the forensic accountants only managed to trace $46 million of the total $215 million customers had deposited onto the exchange. [33], Cotten's will was signed 27 November 2018, twelve days before he allegedly died. Rather than pay customers via bank wires, they were told to come to a nondescript building in Laval, Quebec to pick up the cash. Even today, some investors remain unconvinced that Cotten really is dead. 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. [47], Gerald Cotten's widow has maintained that she knew nothing about her husband's activities and agreed to forfeit $12 million in assets. Image Credit: CTV Your Morning/YouTube. Like other crypto-exchanges, Quadriga kept its funds in so-called cold wallets, digital storage devices not connected to the internet, which are safe from hacking. Was Patryn, whom employees described as a macho, terrifying character, calling the shots, not Cotten? [2], In January 2019 Ernst & Young reported that Quadriga did not have a bank account, but instead used third-party payment processors. But, due to the strict security of crypto, we may never know. But Bitcoin crashed at the end of 2018, and Cottens flashy lifestyle needed cash to sustain itself. goes to Cottens hospital in India to put the whole fake death thing to bed. His body was repatriated to . 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 laptop computer from which Gerry carried out the companies business is encrypted and I do not know the password or recovery key. 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. It was alleged that Patryn was involved in a money-laundering ring under a different nameOmar Dhanani. [3][4][5], Quadriga likely never invested the funds entrusted to it, according to Chainalysis, a cryptocurrency tracking firm. Official investigations into the matter have yet to produce any definitive answers. The two first met in November 2014 and had been together for some time before tying the knot in October 2018. Indeed, QuadrigaCX launched just three months after sceptre put out a call to build a crypto exchange. It was one of the only games in town [for crypto enthusiasts], Sheona McDonald, who directed the film, told The New York Post. [7] Meanwhile, in order to manage the finances of the company during the process, a third-party monitor, Ernst & Young, was appointed. Netflixs documentary definitely seems to be in the corner that Cotten did die, despite the mystery surrounding his death. A big chunk of it was given to him by his parents. The investors found more questions than answers. Was a recently-active Skype account proof he was still alive? The dude literally said that comment as a complete joke, and I even . A C$100,000 trust fund was made to provide lifelong care for Cotten's two chihuahuas in case of Robertson's death. Sign up for notifications from Insider! In December 2018, Cotten died during his honeymoon with his wife, Jennifer Robertson, in Jaipur, India. Thats when the. Cotten passed away from complications that arose from Crohns disease while on a honeymoon in Indiaapparently taking some $215 million of customer funds to the grave. Gerald Cotten was 15 when he ran his first documented get-rich-quick scheme. firms", "What happens when your bitcoin banker dies? I believe this is the reason why Quadriga could be formed because they made a fortune from Scamming before Quadriga. Gerald Cotten is allegedly meant to have died from Crohn's disease after the exchange crashed. reporters had a hunch that this was Gerry Cotten, and traced the account to another online den of thieves, BlackHatWorld. So far, only about $46 million has been recovered. Its the swindler story you havent heard of until now. 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. 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. [1], The company's CEO and founder, Gerald William Cotten, allegedly died in 2018 after traveling to India. Either this is a 1 in 100 million coincidence or he is still alive. Likewise, the public was not much intrigued about their lives up until . The public didnt learn about the death for another 36 days, until January 2019. 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. Was the CEOknown for his luxurious lifestyle, which included jets, supercars and vacationsmurdered by a mob debt collector or a jealous lover? 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. ", 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.". 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". #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/ Cotten's sudden death in 2018 led to the disappearance of millions of dollars worth of his investors' Bitcoin funds. By clicking Sign up, you agree to receive marketing emails from Insider Cotten had allegedly told his wife he would create a mechanism that would allow her to access all of his crypto-related passwords should he die but.

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