Tuesday, 23 July, 2019

Canada securities watchdog says crypto firm Quadriga beyond its purview

$145M Locked Away After Crypto Exchange Boss Mysteriously Dies Cryptocurrency CEO Dies Leaving Rs 1000 Crore of Virtual Currency in Lurch: Several Passwords Buried With His Grave
Ginger Lawrence | 10 February, 2019, 21:41

On Tuesday, a judge ordered a 30-day stay on claims against the firm, providing a temporary reprieve from lawsuits from creditors. The documents show he left all his assets to his wife, Jennifer Robertson, and made her the executor of his estate.

As she explained it: "The laptop computer from which Gerry carried out the Companies' business is encrypted and I do not know the password or recovery key".

For those who missed the memo, Quadriga is a Canada-based cryptocurrency exchange. Cotten died on a trip to India, and his wife claimed that all of the passwords needed to access the exchange and the cold wallets where funds are stored were unknown to her.

She added that she has been the subject of multiple threats.

She said Cotten died from complications linked to the disease, which disrupts digestion by causing inflammation of the bowels.

Fortis Escorts hospital in Jaipur issued a statement on Thursday confirming that Mr Cotten was admitted on December 8, 2018, and that he died from a cardiac arrest the next night.

Cottons condition deteriorated from there, the press release states "At 2:45 pm, Cotton suffered a cardiac arrest but was revived by CPR. he also suffered two subsequent episodes of ventricular tachycardia (fast heart rhythm) for which cardioversion was conducted", the report indicates that Cotton suffered a second cardiac arrest, but could not be saved.

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He is also said to have been an advisor for Crypto Consortium and served as a Director of the Vancouver Bitcoin Co- Op.

Some industry insiders have said provincial and federal officials should move quickly to do something about a business that is largely unregulated and has no independent oversight. To pay back its 115,000 users, it's reportedly looking to sell its platform.

"As highlighted in recent CSA investor alerts and awareness campaigns over the past year, this means that key investor protections may not be in place", the agency said. According to a Reuters report, the controversial exchange has had no regulatory approval from Canadian securities watchdog for functioning as a crypto exchange. According to a statement given by British Columbia's securities regulator, it doesn't have any jurisdiction over Quadriga.

The B.C. Securities Commission issued a statement Thursday saying it has been aware of QuadrigaCX's operations since 2017.

The Canadian Securities Administrators, an umbrella group, published an investor alert last June urging Canadians to be cautious when considering buying crypto assets through trading platforms.

The platform - a trading venue for cryptocurrencies such as Bitcoin, Litecoin and Ethereum - had previously filed for creditor protection in the Nova Scotia Supreme Court.