Economy

Man who reportedly died with crypto passwords, cleared accounts before dying

Man who reportedly died with crypto passwords, cleared accounts before dying”

Robertson has been in charge of managing the company's remaining assets and recovering any lost crypto since Cotten's death.

If you have been following our coverage of the QuadrigaCX fiasco, then you are familiar with what a very big mess the entire situation has become.

Gerald Cotten, 30, founder of online cryptocurrency exchange site QuadrigaCX, is reported to have died in December, taking the passwords to wallets containing C$180m ($137m, £105m) to the grave with him. But they were emptied out in April, months before Cotten's death was reported, "bringing the balances down to nil", audit firm Ernst & Young says. While Amazon has been forthcoming, a court order was required to address Cotten's personal account, since it wasn't created with the business named.

The investigators said they found other issues too, such as that Quadriga kept "limited books and records" and never reported its financials.

Latest update on the situation is that Jennifer Robertson is now demanding that the legal and managerial costs be repaid for the time that the exchange sought creditor protection from the Nova Scotia Supreme Court.

More news: 'Strong reports' IS teen bride's baby has died

Those accounts "were internally created without a corresponding customer and used to trade on the Quadriga platform", Ernst & Young says, citing a company representative who also said deposits into some of those accounts "may have been artificially created and subsequently used for trading on the Quadriga platform". A Nova Scotia court threw the company a lifeline this week, granting it a 45-day extension that prevents creditors from filing lawsuits against it until mid-April. The report claims that the fact that QuadrigaCX had accounts on all those exchanges is established and proven and that at the time they were sent, the funds were worth over $100 million. That data is now stored in the cloud with Amazon Web Services - and it's under Cotten's name, not the company's.

Payment processors were also the subject of several orders since none have turned over any of the funds to the exchange or EY.

Meanwhile, a lawyer representing QuadrigaCX asked the Halifax court to appoint a chief restructuring officer to represent the company and potentially oversee a future sales process. The court documents also note that Robertson recently submitted an affidavit denying public accusations that she might try to hide assets. However, the repayment of Robertson for the $300,000 CAD ($225,000 USD) in the CAA process was ultimately deferred. There was also the chance of there being a conflict of interest given that Robertson was the executor of her late husband's estate.

When Robertson announced Cotten's death, she said he "died due to complications with Crohn's disease. while travelling in India, where he was opening an orphanage to provide a home and safe refuge for children in need".



Like this

loading...
loading...

Latest


08 March 2019
Elizabeth Warren seeks to break up Google, Facebook and Amazon
Wooooh!' As opposed to saying , these are actually big media companies and your information is a commodity. Warren argued that her plan won't deprive consumers of the benefits of Amazon, Google, and Facebook.

08 March 2019
Airwolf star Jan-Michael Vincent dies aged 74
In 2012, Vincent cheated death in 2012 after suffering from an infection that required his right leg to be amputated. He appeared in numerous films and television shows, including the 1978 Burt Reynolds film " Hooper ".

08 March 2019
Day withdraws hurt from Bay Hill
If I can go out there and rip it up tomorrow, get in contention, that would be a good story: first alternate to victor ". Marc Leishman impressed with a battling an even par 72, a remarkable effort after being 4-over through six holes.

08 March 2019
Brie Larson: Famous Actress or Chic Hotel Bellhop?
We are sick and exhausted of SJW politics being crammed into our movies, regardless of what side it's coming from. This is the first Marvel movie since the death last November of Stan Lee, the founding father of Marvel Comics.

08 March 2019
This is when snow is set to hit Sheffield as temperatures plummet
Saturday night, another storm system will bring moderate rain to the area that will last into the early Sunday hours. Wintry showers of sleet and snow are being forecast for Saturday night, with the worst to come on Sunday .

08 March 2019
Fox News host Jesse Watters mistakes Gayle King for Robin Roberts
Later in the show a sheepish Watters apologized yet again with a note on a whiteboard that read, "I'm sorry Gayle + Robin". King said the now-viral photo of Kelly yelling was taken by a makeup artist who snapped 800 pictures during the interview.

08 March 2019
Amazon coming in big with new grocery store concept
The Journal noted that the launch of the new grocery stores coincides with a rocky period for the traditional grocery market. If these stores move forward, the article states that Amazon is not looking to directly compete with Whole Foods grocers.

08 March 2019
First all-female spacewalk planned
On March 29, the world will witness two Nasa Astronauts namely Christina Koch and Anne McClain undertake a spectacular spacewalk. Schedules and assignments for EVA missions can change, but it will be a spacewalk for the history books if all goes as planned.

08 March 2019
Soon there will be only one Blockbuster store left in the world
But competition from on-demand movie-streaming services like Netflix and Hulu forced Blockbuster to declare bankruptcy in 2010. While Blockbusters across the globe have close their doors, the Bend location seems to be doing just fine business-wise.

08 March 2019
'IS' families leave as militants make last stand in Syria
The U.S.is pushing for them to be returned to their home countries, but that effort has, so far, been met with mixed success. Joseph Votel appears at a Senate Armed Services Committee hearing on Capitol Hill, Feb. 5, 2019.