Gerald William Cotten, the founder & CEO of Canadian CryptoCurrency Firm QuadrigaCX died in Jaipur last month of cardiac arrest. His mysterious & sudden demise has intensified the possibility that digital currency worth Rs.1000 Crore may be wiped away from the world.
The CryptoCurrency based startup founded by Gerald William Cotten is no longer operational, however the invented virtual currency has supposedly been considered secure. Gerald launched QuadrigaCX, a Crypto Exchange Firm in December 2013 enabling people to trade in digital currency by making the use of real or virtual money.
The Canadian CryptoCurrency firm CEO is now dead & it is evident that passwords that could have served as a master key to CryptoCurrency of Rs.1000 Crore have been buried along with the body of Gerald. There are odds that this CryptoCurrency may never again be recovered.
Insight into Cotten’s Arrival in Jaipur & Sudden Demise
According to the reports, QuadrigaCX plunged into some legal troubles in past few months, which restricted the customers from accessing their money, whether real or virtual. However, the situations began to turn in favor of QuadrigaCX by early December. A Facebook Post from Crypto Exchange on 4th December 2018 quoted that certain funds held due to legal issues were being released.
Gerald William Cotten was suffering from Crohn’s Disease when he arrived in Jaipur in December 2018 to build an orphanage for children in need.
The documents show that Gerald was accompanied by his wife Jennifer Robertson when he got admitted at the Fortis Escorts Hospital, located in Malviya Nagar, Jaipur on 8th December 2018. Upon admission Cotten was diagnosed with septic shock, perforation, peritonitis & intestinal obstruction. Further, the hospital officials revealed that Cotten complained of crampy abdominal pain, vomiting, watery stools & fever.
Hospital Officials observed continuous deterioration in Cotten’s vital, followed by recurring episodes of cardiac arrest before being declared dead on December 9 2018 on 7:26 pm.
QuadrigaCX faces Accusations of Lying about Cotten’s Death
The news of Cotten’s demise was made known to the public only when QuadrigaCX and Jennifer Robertson lodged a file in Canadian Courts for credit protection, quoting their inability to access Cotten’s encrypted accounts that held the assets.
Cotten’s wife, Jennifer Robertson submitted a report in Canadian Court, which declares arising complications from Crohn’s disease the reason of Cotten’s death. Surprisingly, Cotton’s death was taken to Facebook Page of QuadrigaCX on 15th January 2019, a month after Cotten’s reported death.
The news was followed by a wave of accusations for QuadrigaCX & the online forums began to boil with conspiracy theories, questioning the travel of Cotten to India while he was suffering from Crohn’s Disease.
QuadrigaCX posted a statement on its website on January 31 mentioning that it has asked the Nova Scotia Supreme Court to give them the opportunity to address their financial issues. The company further said that they have worked tediously for past few weeks to address their liquidity issues including their attempts to locate & secure CryptoCurrency reserves held in cold wallets.
With his demise, Cotten has taken with him the passwords locking around $190 million in CryptoCurrency. According to latest update, the experts have not been able to unlock the encrypted password yet.