Gerald Cotten, a 30 year old CEO and founder of Canadian Crypto currency Firm QuadrigaCX reportedly died in India after suffering from complications of Crohn’s disease back in December, 18. The readers would ponder, so what is the fuss about and why is it making headlines now?
The CEO’s death has led to the cremation of the passwords leading to locking up of investor crypto currency worth about $200 million. The clients have gone into a frenzy as the top security experts are not yet successful in unlocking the encrypted passwords.
Epic Story Of His Death
The epic story of his death is just unfolding in the Western media. The company’s social media page conveys that Cotten died while he was inaugurating an orphanage to provide a safe asylum and a home for the needy children back in India. News of his demise went public only when his wife Jennifer Robertson and QuadrigaCX filed for credit security in Canadian courts after they failed to access Cotten’s encrypted account which held the assets. On January 31, QuadrigaCX posted a statement on its website, seeking an opportunity from Nova Scotia Supreme court to address their clients regarding their inability to serve their customers as a consequence of their substantial financial concerns. The company has been trying hard to address their liquidity issues that include their attempt to locate and secure the crypto currency reserve held in the cold storage, the need to satisfy the customer crypto currency balance after the deposit and also sourcing a financial institution to accept bank drafts which are to be transferred to them. But these attempts by the company have not been successful so far.
Voices and Opinions
Online forums are fuming over this news and smelling a rat in this controversy that has suddenly gained grounds. Many people have opined their suspicion of Cotten ever visiting India. People even have alleged to be a group of conmen. People have voiced that if he at all was suffering from Crohn’s disease, why would he visit India in the first place itself, since India is talked about its unreliable drinking water concerns. Several such voices and opinions are thronging Twitter and even Reddit.
‘Crypto’ as ‘Super Murky’
Takara Small, host of the Globe and Mail tech podcast ‘I’ll Go First’opines that investors might not be able to recover the full amount that they have lost but this incident could lead to significant developments is the crypto currency industry. This case brings to light, the music that one might face after investing a huge deal in the world of digital currency.David Gerard, author of the book ‘Attack of the 50 Foot Block chain’ terms this system of ‘crypto’ as ‘Super Murky’. This case has come as a huge blow to the victims and a punitive warning to the people who wish to make a huge fortune in this supremely unregulated sector. The anonymity involved puts it beyond the ambit of normal regulation.An absence of government oversight conveys that in several ways the business of crypto currency is much less than transparent.