Monday, January 27, 2020

QuadrigaCX creditors want proof that Gerald Cotten is dead

Lawyers for creditors burnt by QuadrigaCX want the body of Gerald Cotten exhumed for identification. The 30 year old reportedly died of complications due to Crohn’s disease at the end of December 2018 in India. Deaths from Crohn's disease are rare.

Cotten’s death was kept secret for over a month, with the exchange accepting deposits but not allowing some customers to withdraw funds. The QuadrigaCX website was shuttered by his widow Jennifer Robertson, with the company filing for creditor protection. Cotten's widow announced that Cotten was the only one who knew the private keys to the exchange’s cold wallets. It turned out they had been drained, with the holdings transferred anonymously.
They also traveled frequently to resorts, using private jets. The couple had no other income so users of the cryptocurrency exchange financed the couple’s life of luxury.Gerald Cotten was the CEO of QuadrigaCX. His reported death and subsequent discovery of $250m of missing funds has become a hot topic. Cotten transferred user funds to his personal accounts to use them as security for margin trading. He racked massive losses.

The receiver revealed that Cotten and his wife had received “significant transfers” from Quadriga. They acquired a huge amount of assets, including real and personal property.
Cotten created multiple accounts on QuadrigaCX with aliases to make fake deposits and trades that resulted in inflated revenue figures and artificial user trades. To date, a total of $31.5m has been recovered.
Lawyers representing users of QuadrigaCX, are investigating Crypto Capital. Crypto Capital could be holding funds belonging to QuadrigaCX. Reginald Fowler was charged with bank fraud, conspiracy to commit bank fraud and conspiracy to operate an unlicensed money transmission service in June. Alongside associate Ravid Yosef, Fowler is alleged to have provided cryptocurrency exchanges with banking services illicitly and may be an operator of Crypto Capital.
Fowler faces a maximum sentence of 30 years on the bank fraud charge.

See ----->QuadrigaCX - Gerald Cotten