QuadrigaCX granted creditor protection - but did it ever actually have $145 million?

Cryptocurrency CEO Dies Leaving Rs 1000 Crore of Virtual Currency in Lurch Several Passwords Buried With His Grave

In the statement, BCSC insisted that it is not aware of any business activities carried out by QuadrigaCX that fall under its regulatory scope, and therefore it is not responsible for regulating the exchange, which is making headlines for allegedly losing about $180 million of user funds after its founder Gerald Cotton died with sole access to its cold wallets.

In an application to probate the will, filed on December 21, 2018, Ms Robertson confirmed that the gross value of Mr Cotten's personal property - all of which was left to her - was 9.6 million dollars. You see, Cotten was the only person on Earth who had access to the exchange account's passwords.

Cotten, 30, was a Nova Scotia resident originally from Ontario.

A clearer picture is emerging of the young man at the centre of the mysterious demise of one of Canada's largest cryptocurrency exchanges.

Reports have shown he filed for a will 12 days before passing away in India, and the documents show he left all his assets to his wife, Jennifer Robertson, and he made her the executor of his estate.

She added that she has been the subject of multiple threats. Cotton was diagnosed at the hospital with a case of septic shock, perforation peritonitis, and intestinal obstruction.

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

According to Fortis Escorts Hospital, Cotten succumbed to a heart attack on December 9 previous year. "The patient heart condition continued to deteriorate and the patient suffered a second cardiac arrest at 6:30 p.m. [13:00 UTC]", the statement from the hospital reads.

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Apart from a statement by the hospital, a statement of death and a death certificate from the Government of Rajasthan has also been released.

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.

This pattern does not look set to change, as the Canadian Securities Administrators (CSA) also issued another curtly worded statement on the matter, warning Canadian consumers against using crypto exchange platforms which it is keen to point out are all now unrecognised by the CSA or any other Canadian securities regulator.

"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.

"Additionally, we continue to work with firms that are operating crypto-asset trading platforms and that are required to be registered as dealers and/or recognized as marketplaces". QuadrigaCX is within the jurisdiction of the British Colombia Securities Commission [BCSC].

Canadian Securities Administrators are urging Canadians to be cautious about investing in trading platforms through its awareness campaign.

According to an order issued by the Supreme Court of Nova Scotia on February 5, the exchange also owes about $50 million in cash to its users.

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