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The Late CEO of QuadrigaCX Used His Own Money to Pay His Customers

Sometimes when people pass away, they leave their family not only with grief, but also with multiple financial issues. It is especially the case for people who were once engaged in activities involving large sums of money.

It turned out that Gerald Cotten, the chief executive officer of the cryptocurrency exchange QuadrigaCX left quite a mess after his death, which his wife Jennifer Robertson now has to deal with.

Financial hardships of QuadrigaCX

Back in 2018, the Canadian Imperial Bank of Commerce froze the fiat accounts of the exchange and the funds on them due to the suspicious origin of this money.

Meanwhile, the customers of QuadrigaCX still needed the opportunity to withdraw their money, so Gerald Cotten didn’t think of a better way than just using his own personal funds in order to keep the exchange afloat.

While I had no direct knowledge of how Gerry operated the business, he told me that he had been putting his own money back into QCX to fund user withdrawals in 2018 while the CIBC money remained frozen. I believe Gerry had the best interests of the business in mind, and cared for his customers,” commented Jennifer, Gerald Cotten’s widow.

Where to get the money?

Obviously, Cotten was not able to repay all the amount of money from his own pocket, so now the exchange is missing around 140 million dollars in cryptocurrencies belonging to over 100 thousand customers.

Moreover, 6 Bitcoin wallets of the exchange turned out to be completely empty.

The representatives of QuadrigaCX applied for creditor protection soon after Cotten’s death, and the court appointed the company Ernst&Young to try and find at least some of the missing money. So far, it hasn’t made any particular progress.

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