Is Quadriga’s CEO Dead, Or Is it Just a $140 Million Exit Scam?

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The death of Gerald Cotten, the CEO of Quadriga crypto exchange has reportedly raised serious concerns in the crypto space in recent days. This is not unusual considering the fact that when the CEO was alive, he was the sole holder of the passwords and private keys of the exchange’s cold storage. Which as at the time of his alleged death held up to $140 million in digital assets.

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As per the report, the wife of the deceased via her statement revealed that a cybersecurity expert was contracted to break into the main computer of the former CEO, but it remains highly encrypted. In fact, reports have it that no breakthrough has been made in that front.

As much as Cotten’s company along with his acquaintances try to sugar paint his death in the best possible light, observers can spot several elements in the whole affair that do not add up. This has led to rumors that the CEO faked his death. Let’s see the reasons why the whole escapade seems dubious, to say the least.

Rumors: Cotten’s Death May Have Been Faked

The first suspicious detail is that the Cotten died in India. India is a country where the government finds it difficult to maintain order concerning documentation. There are even several parts of India were death, birth, age and marriage certificates can be fabricated.

In Jaipur, where Cotten allegedly died, it is rumored that a death certificate can actually be obtained via an application form, for a fee receipt and Aadhaar card. This has led many to agree that Cotten may have facked his death through improper confirmation or bribery.

Cotten Had His Will Prepared Two Weeks to His Death

Another suspicious detail in the case is that Cotten prepared his will only 2 weeks to his death. While this is a wise thing to do because the will may help care for your family after death, it has to be said that doing it just a few days to your death is conspicuous.

Cotten’s will states that Jennifer Robertson his wife would receive his entire assets when he kicks the bucket.

Cotten was thorough in the will in terms of providing for his family after his death. Thus, it is not a bad idea to perceive dubious intentions because the deceased neglected to make provisions for his company after his death.

Other Suspicious Discoveries

Another serious issue was raised by the CEO and founder of web wallet MyCrypto. Taylor Monahan started a Twitter thread that showed that Quadriga didn’t have a wallet for Ethereum (ETH). The thread showed that all ETH collected by Cotten’s company was moved through other crypto exchanges.

Via Shapeshift, it was discovered that Quadriga was actually trading ETH for Bitcoin (BTC).

The transactions she presented shows that the events happened 1-2 years ago, which can not be overlooked as a long time money-laundering scam.

The drama involving QuadrigaCX continues to unfold. For now, it’s too early to know the truth of the matter. It is now a full legal case. Hence, users can be patient and allow the law to take care of things.

However, the situation definitely tarnishes the reputation of the crypto space. Hence, the sooner the court finds a solution, the better it will become for Quadriga’s users.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.


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