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Patryn has been identified by The Globe and Mail as Omar Dhanani who was convicted on identity theft charges in the U. Dhanani also had pleaded guilty to burglary and grand theft charges and had been deported to Canada. According to Jennifer Robertson , Cotten's widow, he died on 9 December while travelling in India.

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She had accompanied him to a hospital in Jaipur the previous day and he was diagnosed with septic shock, perforation, peritonitis, and intestinal obstruction. On the 9th he died after episodes of cardiac arrest.

Cryptocurrency firm CEO dies in Jaipur, Rs 1,000 crore may vanish from face of earth

On 10 December a death certificate was issued by the local municipality, as well as a "no objection certificate" from the police to return the body to Nova Scotia. Robertson filed an affidavit on behalf of the company which included a "Statement of Death" for Cotten, filed in Halifax, Nova Scotia on 12 December Cotten's will was signed 27 November , twelve days before he died. The estate includes an airplane, a sailboat, a Lexus, and real estate in Kelowna, British Columbia and Nova Scotia.

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  • Crypto exchange Quadriga was a fraud and founder was running Ponzi scheme, OSC report finds.

On 14 January , [35] Quadriga announced that their CEO, Gerald Cotten, had died the month prior from Crohn's disease while doing volunteer work at an orphanage in India. Another "appears to have been used to receive Bitcoin from another cryptocurrency exchange account and subsequently transfer Bitcoin to the Quadriga hot wallet" on 3 December.

Fourteen trading accounts that were also examined were used to trade on other exchanges. Quadriga continued to accept deposits until 26 January. Some Reddit users have suggested that Cotten faked his own death in order to defraud customers through an exit scam , while others believe that Cotten's death exposed a Ponzi scheme.

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  3. And is it more or less weird than customers’ allegation that the CEO faked his own death?.
  4. On 5 February, , Halifax judge Michael Wood ordered a "day stay that precludes filing of claims against Quadriga", which is a temporary legal protection from its creditors under the Companies' Creditors Arrangement Act , a legal status that allows insolvent corporations to restructure their business and financial affairs. He appointed Peter Wedlake of Grant Thornton to be chief restructuring officer. Quadriga's lawyer, the firm Stewart McKelvey, withdrew from the case due to a potential conflict of interest. From Wikipedia, the free encyclopedia. Former Canadian cryptocurrency company. Ottawa Citizen.

    Canadian Press.

    Cryptocurrency investors locked out of $190m after exchange founder dies

    Archived from the original on 14 May Retrieved 14 May Wall Street Journal. Archived from the original on 19 February Retrieved 20 February Halifax Chronicle Herald. Archived from the original on 8 February Retrieved 10 February The year-old Nova Scotia native died ' while undergoing treatment at Fortis hospital in Jaipur, ' India, states a Jawahar Circle police document. Vancouver Sun. Archived from the original on 3 February CTV News.

    Archived from the original on 5 February Retrieved 5 February Archived from the original on 27 April Retrieved 27 April What Quadriga really did with the money that customers gave it to buy Bitcoin remains a mystery.

    Died, and He Had the Passwords". New York Times. Archived from the original on 6 February Retrieved 7 February CBC News. The Canadian Press. Archived from the original on 8 April Retrieved 9 April Archived from the original on 7 April Retrieved 5 April Archived from the original on 5 March Retrieved 5 March Retrieved 14 December Archived from the original on 14 March Retrieved 13 March The Georgia Straight. Archived from the original on 2 February The Globe and Mail.

    Archived from the original on 9 February Retrieved 12 February Bloomberg News. Financial Post. Retrieved 19 June Wired magazine. Retrieved 6 February On Tuesday, a Halifax judge granted Quadriga a day stay while it searches for the lost crypto, temporarily shielding the company from lawsuits by customers, some of whom reportedly own millions that are now stranded. Though he died in December , according to his widow, it took more than a month for the cryptocurrency exchange to reveal that he had passed away.

    Many customers became convinced that they were not simply unlucky, but instead were the victims of a sinister scheme. Just days before Cotten died, however, the funds were returned to the company.

    Investors who lost $m demand exhumation of cryptocurrency mogul | World news | The Guardian

    Just four days before the trip, the magazine noted, Cotten had written a will. Nearly all of that money was cash, and the millions in cryptocurrency remain elusive. He was the only one directing what happened to money that users converted into cryptocurrency, but had kept no records whatsoever since The auditors also found that Cotten and his wife used QuadrigaCX to fund a jet-setting lifestyle, buying 16 properties in Nova Scotia, a Cessna plane and a yacht.

    The ongoing investigations have been complicated by the complex, highly technical nature of cryptocurrency.

    Baffled by Bitcoin? How Cryptocurrency Works

    Reporters, meanwhile, have found that Cotten had a history of questionable financial dealings, dating to when he was a year-old computer whiz living in suburban Ontario. He later claimed to have refunded a significant portion. Indian authorities maintain that Cotten, whose body was repatriated to Nova Scotia for a small closed-casket funeral, died on Dec. But the next day, his condition took a turn for the worse, and he went into cardiac arrest.