Millions of Quadriga Cryptos frozen following founder’s death

$145M Locked Away After Crypto Exchange Boss Mysteriously Dies

Cryptocurrencies credited to a user on the exchange were held by Quadriga in either a hot wallet, i.e., one connected to the internet, or cold wallet, i.e., a separate physical device not connected to the internet.

Tensions were further inflamed yesterday when reports surfaced that Cotten had filed his will less than two weeks before he died. She was granted the right to administer his estate as executor on January 2. According to Cotton's widow Jennifer Robertson, Cotton did not write down the keys anywhere before he passed away, and she has no knowledge of the wallet passwords or security keys.

CoinDesk, a respected news website that covers all things cryptocurrency, claims to have accessed Gerald William Cotten's death certificate issued by the Rajasthan government.

However, not everyone is buying into that story, and some are claiming funds have been transferred out of the accounts since Cotten's death.

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The exchange founder's will outlines numerous assets he held, including several properties in Nova Scotia and in Kelowna, British Columbia, a 2017 Lexus, an airplane, a Jeanneau 51 yacht and his pet chihuahuas, Nitro and Gully. The certificate states "that Gerald William Cotten died on December 9 and Jennifer Robertson is mentioned as his widow" as per the reports obtained from Cointelegraph.

Cotten's death has caused worldwide news after it was revealed the QuadrigaCX exchange owes millions to its customers.

In her affidavit, Ms Robertson says she has been subjected to online threats, slanderous comments and speculation about Mr Cotten's death, "including whether he is really dead". Cotten had also been suffering from Crohn's disease, an inflammatory bowel disease which can sometimes cause life-threatening complications.

Fortis Escorts hospital in Jaipur issued a statement on Thursday confirming that Mr Cotten was admitted on December 8, 2018, and that he died from a cardiac arrest the next night. However, the exchange was unregulated as there was reportedly no indication that Quadriga traded securities or derivatives, or operated as an exchange in general.

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"As highlighted in recent CSA investor alerts and awareness campaigns over the past year, this means that key investor protections may not be in place", the agency said. According to a statement given by British Columbia's securities regulator, it doesn't have any jurisdiction over Quadriga. "The RCMP is aware of the allegations against Quadriga CX", Sgt Penny Hermann said in an email.

The Canadian Securities Administrators [CSA], the watchdog of provincial security regulators, said that there were no cryptocurrency trading firms that have been regulated as a trading platform by security regulators.

"We are now working with IIROC to develop an appropriate regulatory framework for platforms trading crypto-assets that are securities/derivatives", CSA told Yahoo Finance Canada.

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