{"id":5323,"date":"2019-02-02T10:25:49","date_gmt":"2019-02-02T10:25:49","guid":{"rendered":"https:\/\/www.wasteyourtime.co\/?p=5323"},"modified":"2020-07-10T06:08:27","modified_gmt":"2020-07-10T05:08:27","slug":"quadrigacx-ceo-died","status":"publish","type":"post","link":"https:\/\/traders-paradise.com\/magazine\/2019\/02\/quadrigacx-ceo-died\/","title":{"rendered":"QuadrigaCX CEO died &#8211; no one has access to cold storage"},"content":{"rendered":"<p style=\"text-align: right;\">\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-5327 size-full\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/02\/quadrigacx-ceo-died-no-one-has-access-to-cold-storage-4.jpg\" alt=\"QuadrigaCX CEO died - no one has access to cold storage 3\" width=\"800\" height=\"400\" srcset=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/02\/quadrigacx-ceo-died-no-one-has-access-to-cold-storage-4.jpg 800w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/02\/quadrigacx-ceo-died-no-one-has-access-to-cold-storage-4-300x150.jpg 300w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/02\/quadrigacx-ceo-died-no-one-has-access-to-cold-storage-4-768x384.jpg 768w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/02\/quadrigacx-ceo-died-no-one-has-access-to-cold-storage-4-370x185.jpg 370w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/02\/quadrigacx-ceo-died-no-one-has-access-to-cold-storage-4-760x380.jpg 760w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/02\/quadrigacx-ceo-died-no-one-has-access-to-cold-storage-4-424x212.jpg 424w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><br \/>\n<span style=\"font-weight: 400;\">Founder of QuadrigaCX, 30-year-old Gerald Cotten, unexpectedly had died in December while in India, from Crohn\u2019s disease. He reportedly had sole access to the cold wallet. QuadrigaCX owes its customers $190 million and cannot access most of the funds.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to a Jan. 31 affidavits filed by his widow Jennifer Robertson and dug up by Coindesk, Cotten had sole access to most of the exchange&#8217;s $190 million worth of crypto held in cold storage.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/02\/quadrigacx-ceo-died\/#No_one_appears_to_be_able_to_access_QuadrigaCX\" >No one appears to be able to access QuadrigaCX<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/02\/quadrigacx-ceo-died\/#QuadrigaCX_went_offline_a_few_days_ago\" >QuadrigaCX\u00a0went offline a few days ago.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/02\/quadrigacx-ceo-died\/#Users_correspond\" >Users correspond<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/02\/quadrigacx-ceo-died\/#The_board_of_the_company_encouraged_its_customers\" >The board of the company encouraged its customers.<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"No_one_appears_to_be_able_to_access_QuadrigaCX\"><\/span><strong>No one appears to be able to access QuadrigaCX<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Because when he died, Cotten took the keys with him. <\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-5325 size-full\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/02\/quadrigacx-ceo-died-no-one-has-access-to-cold-storage-2.jpg\" alt=\"QuadrigaCX CEO died - no one has access to cold storage 1\" width=\"800\" height=\"366\" srcset=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/02\/quadrigacx-ceo-died-no-one-has-access-to-cold-storage-2.jpg 800w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/02\/quadrigacx-ceo-died-no-one-has-access-to-cold-storage-2-300x137.jpg 300w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/02\/quadrigacx-ceo-died-no-one-has-access-to-cold-storage-2-768x351.jpg 768w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/02\/quadrigacx-ceo-died-no-one-has-access-to-cold-storage-2-370x169.jpg 370w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/02\/quadrigacx-ceo-died-no-one-has-access-to-cold-storage-2-760x348.jpg 760w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/02\/quadrigacx-ceo-died-no-one-has-access-to-cold-storage-2-424x194.jpg 424w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">His death is a very sad moment for the family, big loss, of course. But customers are in sorrow, too. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In a sworn affidavit filed Jan. 31 with the Nova Scotia Supreme Court, Jennifer Robertson, identified as the widow of QuadrigaCX founder Gerald Cotten, said the exchange owes its customers roughly $250 million CAD ($190 million) in both cryptocurrency and fiat.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The customers of QuadrigaCX seem to be really worried as the Canadian crypto exchange can no longer access its cold storage and it owes its customers nearly $190 million, according to a report by CoinDesk.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"QuadrigaCX_went_offline_a_few_days_ago\"><\/span><strong>QuadrigaCX\u00a0went offline a few days ago. <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Initially, it was thought that routine maintenance was the cause of the sudden malfunction. But now it seems that there is something bigger behind. Bigger than what was initially thought. Reddit users are saying it is just another &#8216;Exit Scam&#8217;.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, Quadriga users, are now concerned that the unannounced downtime for the QuadrigaCX website, is a sign that something might be very wrong with the crypto exchange.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Users_correspond\"><\/span><strong>Users correspond<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Some Reddit users asked if QuadrigaCX shouldn&#8217;t have let their customers know before taking its site down. Another Reddit user speculated as to whether the exchange had gone bankrupt due to an inability to find a suitable bank to host an account and facilitate transfers.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-5326 size-full\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/02\/quadrigacx-ceo-died-no-one-has-access-to-cold-storage-3.jpg\" alt=\"\" width=\"800\" height=\"351\" srcset=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/02\/quadrigacx-ceo-died-no-one-has-access-to-cold-storage-3.jpg 800w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/02\/quadrigacx-ceo-died-no-one-has-access-to-cold-storage-3-300x132.jpg 300w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/02\/quadrigacx-ceo-died-no-one-has-access-to-cold-storage-3-768x337.jpg 768w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/02\/quadrigacx-ceo-died-no-one-has-access-to-cold-storage-3-370x162.jpg 370w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/02\/quadrigacx-ceo-died-no-one-has-access-to-cold-storage-3-760x333.jpg 760w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/02\/quadrigacx-ceo-died-no-one-has-access-to-cold-storage-3-424x186.jpg 424w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Reddit users are asking for proof of death, while one user claimed that the exchange, most likely, couldn&#8217;t access assets in cold storage, as the keys were only known to Cotten.<\/span><br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-5324 size-full\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/02\/quadrigacx-ceo-died-no-one-has-access-to-cold-storage.jpg\" alt=\"QuadrigaCX CEO died - no one has access to cold storage\" width=\"800\" height=\"334\" srcset=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/02\/quadrigacx-ceo-died-no-one-has-access-to-cold-storage.jpg 800w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/02\/quadrigacx-ceo-died-no-one-has-access-to-cold-storage-300x125.jpg 300w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/02\/quadrigacx-ceo-died-no-one-has-access-to-cold-storage-768x321.jpg 768w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/02\/quadrigacx-ceo-died-no-one-has-access-to-cold-storage-370x154.jpg 370w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/02\/quadrigacx-ceo-died-no-one-has-access-to-cold-storage-760x317.jpg 760w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/02\/quadrigacx-ceo-died-no-one-has-access-to-cold-storage-424x177.jpg 424w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><br \/>\n<span style=\"font-weight: 400;\">According to the affidavit, the cryptocurrency exchange holds nearly 26,500 Bitcoin ($92.3 million USD), 11,000 Bitcoin Cash ($1.3 million), 11,000 Bitcoin Cash \u00a0SV ($707,000), 35,000 Bitcoin Gold ($352,000), nearly 200,000 Litecoin ($6.5 million) and about 430,000 Ether ($46 million), amounting to nearly $147 million.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Speaking about the current difficult situation, Jennifer Robertson said, \u201cThe normal procedure was that QuadrigaCX founder and CEO Gerald Cotten would move the majority of the coins to cold storage as a way to protect the coins from hacking or other virtual theft.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">She also added that the sole responsibility of handling the funds remained with Gerald Cotten and no one else has access to the exchange\u2019s cold wallet.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"The_board_of_the_company_encouraged_its_customers\"><\/span><strong>The board of the company encouraged its customers. <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">They stated that the <a href=\"https:\/\/www.quadrigacx.com\/\">issue<\/a> is being handled in the best possible way and an affidavit has been filed in the Nova Scotia Court requesting the authority to appoint a third party to help the exchange in finding a solution for the problem.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the application for creditor <a href=\"https:\/\/traders-paradise.com\/magazine\/2018\/06\/bitcoin-after-death\/\">protection<\/a> is accepted by the Courts, then the court might give QuadrigaCX at least 30 days of protection from its creditors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There is also a possibility that some of Quadriga funds are being stored on other exchanges, though this has not been confirmed.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Courts will rule on the request for creditor protection on February 5.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Seems a bit suspicious that Gerald Cotten was the only one that had access to these coins. It is really hard to believe.<\/span><\/p>\n<p>But the whole enigma about crypto exchange QuadrigaCX become weirder because they claimed they used multi-sign wallets.<\/p>\n<p><span style=\"font-weight: 400;\">It looks entirely as the result of poor governance and processes and that&#8217;s why we need regulated exchanges.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Founder of QuadrigaCX, 30-year-old Gerald Cotten, unexpectedly had died in December while in India, from Crohn\u2019s disease. He reportedly had sole access to the cold wallet. QuadrigaCX owes its customers $190 million and cannot access most of the funds. According to a Jan. 31 affidavits filed by his widow Jennifer Robertson and dug up by [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":5128,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1010,1004],"tags":[743,76,744,745],"class_list":["post-5323","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-companies-overviews","category-latest-financial-news","tag-cold-walet","tag-crypto","tag-gerald-cotten","tag-quadrigacx"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>QuadrigaCX CEO Died - Cold Storage Without Access - Traders Paradise<\/title>\n<meta name=\"description\" content=\"Gerald Cotton, CEO of QuadrigaCX, died at 30 years of age leaving $190 million worth of crypto held in cold storage with no access to it.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/02\/quadrigacx-ceo-died\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"QuadrigaCX CEO Died - Cold Storage Without Access - Traders Paradise\" \/>\n<meta property=\"og:description\" content=\"Gerald Cotton, CEO of QuadrigaCX, died at 30 years of age leaving $190 million worth of crypto held in cold storage with no access to it.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/traders-paradise.com\/magazine\/2019\/02\/quadrigacx-ceo-died\/\" \/>\n<meta property=\"og:site_name\" content=\"Traders-Paradise\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/TradersParadisecom\" \/>\n<meta property=\"article:published_time\" content=\"2019-02-02T10:25:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-07-10T05:08:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/01\/crypto-endorsements-gone-sour-a-celebrity-special-2.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Editor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Traders_Paradis\" \/>\n<meta name=\"twitter:site\" content=\"@Traders_Paradis\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Editor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/traders-paradise.com\/magazine\/2019\/02\/quadrigacx-ceo-died\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/traders-paradise.com\/magazine\/2019\/02\/quadrigacx-ceo-died\/\"},\"author\":{\"name\":\"Editor\",\"@id\":\"https:\/\/traders-paradise.com\/magazine\/#\/schema\/person\/ce94bb3c5a52307ca7be58f0e7b93ffe\"},\"headline\":\"QuadrigaCX CEO died &#8211; 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