This was more of a gamblers high than a rich guys high as he pursued more and more of other peoples money, the stakes went up. Indeed, QuadrigaCX launched just three months after sceptre put out a call to build a crypto exchange. "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. The only catch: only Gerry knew the passwords to the companys crypto-vaults. Sam, Bangs & Moonshine by Evaline Ness (Holt). Cotten's sudden death in 2018 led to the disappearance of millions of dollars worth of his investors' Bitcoin funds. 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. 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. So his spiral down into a life of crime was either pure greed or him seeking the thrill. The media dragged Gerald Cotten's wife, Jennifer Robertson, into the spotlight after his mysterious death. On this Wikipedia the language links are at the top of the page across from the article title. There was no way of getting my money back. Sign up for notifications from Insider! Cottens death will likely remain a mystery, with some believing that he is still residing somewhere in the world with the stolen money. Exit Scam host Aaron Lammer told CoinDesk: "My read was that, on some level, Gerry was addicted to scamming, "Addicted to stealing peoples money. Then, out of the blue, one Mike Patryn joined the Telegram group that investors were using to discuss conspiracies. 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. Gerald Cleophas Betzen, 68. The Netflix documentary will follow investors-turned-investigators looking into theories on the founder's sudden death. His wife has said she was "upset and disappointed" to learn about the extent of the fraud at her husbands company, writing in a 2019 statement, she wasnt aware or involved in Gerrys trading activities, nor his appropriation of customer funds." "It did become an obsession.. [32] It also stated that Quadriga has 363,000 registered users and a sum of C$250 million is owed to 115,000 affected users. I'm new to this subreddit, I apologise if anything I have said breaks the rules. His body was repatriated to Canada and a funeral was held in Halifax, Nova Scotia. He convinced tons of investors to fork over their money so he could invest it into Crypto. At the time, he was the CEO of QuadrigaCX, a company that performed cryptocurrency exchanges. NOW WATCH: Netflix is headed for a huge profit milestone in 2018, Personal Finance Insider's picks for best cryptocurrency exchanges. Using a reputable custodian to hold the private keys outside the company is perhaps the best option to ensure these codes are not lost, Erik Wilgenhof Plante, the former CCO of the exchange BeQuant, told The Independent at the time. It just wasnt there. For instance, had Cottens death certificate, which spelled his name as Cottan, been faked? 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. thinks that Gerald is deadnor did he ever meet his wife. Here Is Why People Think Gerald Cotten Is Still Alive. Cryptocurrency investors locked out of $190m after exchange founder dies, Original reporting and incisive analysis, direct from the Guardian every morning. But even the forensic accountants only managed to trace $46 million of the total $215 million customers had deposited onto the exchange. By Robin Hill-Gray. Citing decomposition concerns, lawyers requested the exhumation be completed no later than spring 2020. The company's CEO and founder, Gerald William Cotten, allegedly died in 2018 after traveling to India. 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 Crohns disease after the exchange crashed. The crypto entrepreneur bought increasingly lavish purchases: a $600,000 yacht, a high-end Lexus, 17 homes in Canada, a plane. Then in January, 2019, Cottens wife Jennifer Robertson announced that he had died a month earlier. firms", "What happens when your bitcoin banker dies? ", "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? Its the swindler story you havent heard of until now. Still, all this evidence was circumstantialinvestors hadnt yet found a smoking gun. Though some dont believe Mr Cotten is really gone, the money from Quadriga is. She had accompanied him to a hospital in Jaipur the previous day and he was diagnosed with septic shock, perforation, peritonitis, and intestinal obstruction. Was, whom employees described as a macho, terrifying character, that Patryn was involved in a money-laundering ring under a different name, Then, out of the blue, one Mike Patryn joined the Telegram group that investors were using to discuss conspiracies. Here's a link to the BlackHat forum. 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. Where was the rest of the money? X-rays. 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. Lawyers representing investors in what BBC. Is Gerald Cotten really dead? "It just makes me more depressed about it," Zou told Sky News. 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. And not even he thinks that Gerald is deadnor did he ever meet his wife. Dhanani also had pleaded guilty to burglary and grand theft charges and had been deported to Canada. Was he avoiding something or someone? His body was repatriated to . Trust No One: The Hunt for the Crypto King is now streaming on Netflix. The dude literally said that comment as a complete joke, and I even . [3][4][5], Quadriga likely never invested the funds entrusted to it, according to Chainalysis, a cryptocurrency tracking firm. He first encountered Bitcoin in Vancouver, British . Either the funds were never received or quickly went missing. Gerald and Jennifer kept most of their relationship away from the public. Died, and He Had the Passwords", "Pre-filing report of the proposed monitor", "Controversial QuadrigaCX cryptocurrency exchange placed in bankruptcy", "Quadriga Should Shift to Bankruptcy Proceedings, Monitor Says", "FBI Probing Bitcoin Exchange Quadriga Over Missing $136 Million, Source Alleges", "Quadriga: Lawyers for users of bankrupt crypto firm seek exhumation of founder", "How Gerald Cotten built Quadriga and created the ensuing crypto storm", "Ponzi Schemes, Private Yachts, and a Missing $250 Million in Crypto: The Strange Tale of Quadriga", "Geek Speak: Gerald Cotton, CEO of Quadriga CX", "Crypto chaos: From Vancouver to Halifax, tracing the mystery of Quadriga's missing millions", "Quadriga's late founder used to store clients' Bitcoin passwords on paper so they wouldn't get lost", "A crypto exchange CEO dies-with the only key to $137 million", "Details emerging about Gerald Cotten, the young founder of QuadrigaCX", "My smart contract just ate $14 millionnow what? Was a recently-active Skype account proof he was still alive? The circumstances are dodgy that they chose to honeymoon to India and he suddenly dies from complications of Crohn's disease. 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. To add credence to the theory that he faked his own death and is still alive, Bloomberg reported that the crypto exchange founder filed his will just 12 days before he apparently died. [17][20], In 2017, Bitcoin experienced a speculative frenzy rising in price from about US$1,000 to almost US$20,000. [45], In June 2020, the Ontario Securities Commission officially concluded that Quadriga was indeed a fraud and a Ponzi scheme. Gerald died while on a honeymoon with his wife Je He graduated from York in 2010 with a bachelor's degree in business administration. Gerald Cotten was the talk of the cryptocurrency world in Canada after he introduced QuadrigaCX, a place where investors could buy and sell cryptocurrency. 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, Jennifer Robertson, tells her side of the story.#Quadriga #GeraldCotten #BitcoinWatch The National live on YouTube Sunday-Friday at 9 p.m. ETSubscribe to The National: https://www.youtube.com/user/CBCTheNational?sub_confirmation=1Connect with The National online:Facebook | https://www.facebook.com/thenationalTwitter | https://twitter.com/CBCTheNationalInstagram | https://www.instagram.com/cbcthenationalMore from CBC News | https://www.cbc.ca/newsThe National is CBC's flagship nightly news program, featuring the day's top stories with in-depth and original journalism, with hosts Adrienne Arsenault and Andrew Chang in Toronto, Ian Hanomansing in Vancouver and the CBC's chief political correspondent, Rosemary Barton in Ottawa. Quadriga CX was left owning its 76,000 investors around $215million (CAD). [33], Cotten's will was signed 27 November 2018, twelve days before he allegedly died. 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. [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. They surfed his social media accounts at first, then traced Cottens digital footprints even more closely for clues. Thats when the. Here's my take on Gerald Cotten and his suspicious death. A Canadian bank froze another $21 million of funds. #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/ Quadriga had four employees in 2015 with offices in Vancouver and Toronto, but ran out of money by June 2015. "At that time, there was nothing I could do. It was alleged that Patryn was involved in a money-laundering ring under a different nameOmar Dhanani. 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. A big chunk of it was given to him by his parents. 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. Widow of Quadriga crypto founder Gerald Cotten says she had no idea about the $215-million scam In an exclusive interview, Jennifer Robertson speaks out publicly about her deceased husband,. He appointed Peter Wedlake of Grant Thornton to be chief restructuring officer. My sisters not a liar.. https://bit.ly/3cAIH4j Newest Vid's https:. Browse Locations. [52], The CBC released a 6-episode podcast about Quadriga and the death of its founder called A Death in Cryptoland. Gerald Cotten was 15 when he ran his first documented get-rich-quick scheme. Some also believe that Gerald isnt even dead at all but rather hiding away with the hundreds of millions of dollars he controlled. 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". We just send money from our Bitcoin app directly to those paper wallets, and keep it safe that way. Cbc.ca. Someone tracked Patryn to a scam forum called TalkGold, where Patryn talked to one user in particular, sceptre, a bunch. Neither Costodian or Quadriga could access the funds. We pay for your stories! Sign up for our newsletter for the latest tech news and scoops delivered daily to your inbox. The mystery of Cotten and Quadriga is now the subject of podcasts Exit Scam and A Death In Cryptoland. After beginning as an entrepreneur, Cotten founded Quadriga Fintech Solutions in 2013 and the company evolved to become the largest crypto exchange in the country, and it even helped to legitimize Bitcoin. A C$100,000 trust fund was made to provide lifelong care for Cotten's two chihuahuas in case of Robertson's death. I ended up losing my life savings I lost $400,000, Tong Zou, a tech worker quoted in the film, says. [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. 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. (Neither men were charged in connection with Liberty Reserve). His wife Jennifer Robertson said he had promised to create a mechanism that turned thepasswords over to her when he died. The OSC. Disclosure: Mathias Dpfner, CEO of Business Insider's parent company, Axel Springer, is a Netflix board member. Despite no concrete evidenceindeed, the murdered mans first name was not the same as Robertsons ex-husband, some angry investors lobbed death threats at Jennifer, convinced that she had murdered Cotten, too. The two first met in November 2014 and had been together for some time before tying the knot in October 2018. [16] In 2014 only C$7.4 million worth of bitcoin were exchanged on Quadriga. CIBC stated that they could not determine the ownership of the money and could not contact Cotten or Quadriga. We explain who Gerald Cotten is, the subject of this documentary, and reveal where he is now, including the mystery surrounding his downfall. Someone tracked Patryn to a scam forum called TalkGold, where Patryn talked to one user in particular, sceptre, a bunch. [21], Throughout 2018, as Bitcoin prices crashed, customers of the exchange reported delays when attempting to withdraw dollars. [37] According to an affidavit by the CEO's widow, approximately 115,000 customers are owed C$250 million (US$190 million), most of which was cryptocurrency held in Quadriga's cold wallet in the laptop that only the deceased CEO had access to. I just prayed. 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. The public didnt learn about the death for another 36 days, until January 2019. Subsequent investigations found that Michael Patryn, one of the co-founders, registered the domain name for QuadrigaCXnot Gerry. Lived In Los Angeles CA, Austin TX, Van Nuys CA . Fourteen trading accounts that were also examined were used to trade on other exchanges. I could have put it in stocks. Uncertainty about the missing funds has fueled speculation that Cotten may still be alive. Soon enough, QuadrigaCXs customers struggled to withdraw money from the exchange. The streaming service announced the feature alongside a slate of upcoming true-crime projects last week. as well as other partner offers and accept our. But when the banks, the law, and the. Image Credit: CTV Your Morning/YouTube. His clients were locked out of about $250 million, and investigators later. "So far, nothing's been found. The user said that he left the company in 2016, and that the company was legitimate at the time. It was one of the only games in town [for crypto enthusiasts], Sheona McDonald, who directed the film, told The New York Post. name was not the same as Robertsons ex-husband, some angry investors lobbed death threats at Jennifer, convinced that she had murdered Cotten, too. Quadriga started by doing only local trades. A C$24.7 million disbursement fund has been planned with C$300,000 to go to Cotten's widow, Jennifer Robertson, who advanced that amount to start the court proceedings; C$200,000 will go to Ernst & Young and another C$250,000 to its lawyers; C$229,842 will go to Quadriga's lawyers; and C$17,000 to independent contractors. [11] Lawyers for the customers of the exchange have asked that Cotten's body be exhumed.[12]. Many believe that Cotten faked his death, however, as part of an exit scam to get away with. 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. Check out: Personal Finance Insider's picks for best cryptocurrency exchanges. 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. Gerald Gerry Cotten is the founder of Canadian cryptocurrency exchange Quadriga Fintech Solutions and is at the helm of a groundbreaking investment scam that the Netflix documentary investigates. The funeral, according to a Redditor claiming to be a contractor for QuadrigaCX, said that it was a closed-casket affair, and that Jennifer was fake grieving and dancing at the funeral to bacchanalian excess, and even kicked out Geralds family. [4] Blockchain analysts have reported that they are unable to find evidence of Quadriga's cold wallets on the blockchain, a public ledger used for cryptocurrencies. Then the Ontario Securities Commission opened an investigation. Robertson has denied any knowledge of her husband's wrongdoing - and in 2019 returned $9million to the company to repay users. https://bit.ly/3cAIH4j Newest Vid's https://bit.ly/3JkFmEqFollow Us On Facebook https://bit.ly/3oh5cS8Gerald Cotten or Gerry Cotten's life and tragic passing are shrouded in mystery. That same month, Quadriga filed for creditor protection, and scores of angry investors began furiously questioning where their money went, even though only Mr Cotten knew the keys to the companys crypto vault and never set up a dead mans trigger to send them elsewhere in case he was incapacitated. But Bitcoin crashed at the end of 2018, and Cottens flashy lifestyle needed cash to sustain itself. So far, only about $46 million has been recovered. 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. 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. Many believe that Cotten faked his death, however, as part of an exit scam to get away with stealing millions from Quadrigas customers. The firm launched in 2014 amid a spectacular rise in the price of cryptocurrencies like Bitcoin, and was handling $1 billion in trades by 2017. He was 30-years-old. 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. Companies have backups, safeguards to protect against this kind of thing. Another "appears to have been used to receive Bitcoin from another cryptocurrency exchange account and subsequently transfer Bitcoin to the Quadriga hot wallet" on 3 December. Netflix announced an upcoming documentary about the Quadriga Bitcoin saga and the death of CEO Gerald Cotten. There is a clear lesson here that having a single person owning this information creates a huge vulnerability.. 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. So, Patryn: shit-stirrer, criminal mastermind or another one beguiled by Cotten? November 28, 2022 by Nurudeen. 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. Netflixs 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. And for some, things still looked suspicious. But when co-founder Cotten died during a honeymoon in India, the money was seemingly lost forever. According to the documentary, thats around the time that Cotten started to invest his money in islands, cars and property, traveling the world while running his exchange. His death certificate spells his name wrong, he was supposedly buried in a closed casket in Canada even though there is no evidence his body was ever moved from India and why would it need to be a closed casket? It sucks.". Want to bookmark your favourite articles and stories to read or reference later? The estate includes an airplane, a sailboat, a 2017 Lexus, and real estate in Nova Scotia and Kelowna, British Columbia. Things began to sour, however, in 2018, when the price of Bitcoin collapsed. You transferred them $1,000 and you could see the crypto in your account. Evidence of him faking death: There's lots of bizaare things that are suspicious. After some more digging, the reporter found an order form filled out by one Gerald Cotten. His death left investors locked out of their money and left Jennifer Robertson, Gerry's wife . The investors found more questions than answers. [33] Aaron Matthews served as Director of Operations. 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,. Zou trusted Quadriga CX, Canada's largest cryptocurrency exchange, with C$500,000 (305,000). He is believed to have scooped around around $115million in crypto from his own accounts and put them into high risk financial bets - many of which crashed, costing him more money than Quadriga ever actually made. [28], Quadriga used an unusual teller-window system for customers to withdraw their money. Still, all this evidence was circumstantialinvestors hadnt yet found a smoking gun. 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 podcast was hosted by Takara Small. Cotten was the only one with access to necessary permissions. [54], A 2021 8-episode podcast entitled Exit Scam followed the buildup of Quadriga, and investigated whether Gerald Cotten had faked his own death. 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. Customers have since struggled to regain access to their money, citing withdrawl issues and lack of communication from the company. 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. Jennifer, scared for her safety, entered a safe house. [42], Quadriga continued to accept deposits until 26 January. did gerry and his wife fake his passing and steal the money? Fifteen years later, Mr Cotten, known as Gerry, would be accused of swindling people online of a much bigger prize. So the. There were other problems around that time. 'Trust No One: The Hunt for the Crypto King' will be released sometime in 2022. But months later, customers still couldnt take their money out. "[18], The company tried to raise money and list on the Canadian Securities Exchange (CSE) working with Patryn. Did he Die? And meanwhile, Dead Man's Switch director Sheona McDonald said: "There's only two people who really know what happened in India.".