Canadian Regulators Will Not Help Quadriga Clients

10 Février, 2019, 21:42 | Auteur: Auguste Feret
  • Crypto CEO Dies Holding Only Passwords That Can Unlock Millions in Customer Coins

That's the position investors of Vancouver-based crypto company QuadrigaCX find themselves in after the company's CEO Cotten died suddenly from complications related to crohn's disease while traveling in India.

However, according to reports, the BCSC did not know about QuadrigaCX until 2017.

According to Bloomberg Brian Kladko, a spokesman for the British Columbia Securities Commission, revealed the agency now has no indications QuadrigaCX was "operating as a marketplace or exchange under British Columbia securities laws".

The circumstances surrounding Mr Cotten's death - and the way he conducted his business from the couple's home in Fall River, Nova Scotia - has led to a flurry of speculation and allegations in internet chat rooms, The Canadian Press reported.

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.

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.

Court documents attached to the will include a statement of death from the J.A. Snow Funeral Home in Halifax, dated December 12, which says Cotten died in Jaipur on December 9.

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The same concerns have also been expressed from within the exchange's user community, with some unconvinced with the story behind Cotten's death.

QuadrigaCX has since been granted creditor protection by a Nova Scotia Supreme court, which essentially protects it from lawsuits while it figures the situation out. All they need to have is some money to charm the government employees who issue the death certificate. The certificate, which IndiaToday.in has been unable to verify, is dated December 13 and says that one "Gerald William Cottan" died at the Fortis Escorts Hospital, located in Jaipur's Malviya Nagar.

They said he had complained of watery stools, vomiting, crampy abdominal pain, and was feeling feverish.

The young Canadian man was already close to death when he was admitted to a hospital in the Indian city of Jaipur in early December.

Per the Times of India, Cotten was declared dead in the evening at 7.26 PM. Additionally, he was also feeling feverish.

Next, reports emerged that the cryptocurrency exchange was not even regulated as it claimed to be.

Back in October, the exchange was caught in another legal dispute with the Canadian Imperial Bank of Commerce [CIBC], which it accused of withholding and preventing access of funds worth $21.6 million.

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