4 people named Gerald Betzen found in California, Texas and Massachusetts. Netflix's 'Trust No One: The Hunt for the Crypto King' explores the story of Gerald Cotten, founder and CEO of Canadian crypto exchange business QuadrigaCX, whose passed away unexpectedly in 2018. Soon enough, QuadrigaCXs customers struggled to withdraw money from the exchange. [38][39], According to some of Cotten's family members, there was a crypto "Dead man's switch" that would provide Quadriga with operating information in the event of his death; however, "neither the monitor nor others involved with the organization are aware of a dead-man switch email having been received. 29 2022, Published 3:03 p.m. Then the Ontario Securities Commission opened an investigation. Thinking that Jennifer had murdered Cotten, the Telegram group spiraled out of control. A 33-YEAR-OLD man lost his life savings after getting involved with a cryptocurrency trader who died, taking the password to access funds to the grave. He was 30-years-old. The teen, a bright computer enthusiast from Belleville, Ontario, ran the operation on an online forum called TalkGold, and promised his investors inconceivable returns of up to 150 per cent in two days. The laptop computer from which Gerry carried out the companies business is encrypted and I do not know the password or recovery key. lets break it all down. A new documentary on his mysterious death called Dead Man's Switch: A Crypto Mystery, airing on Discovery+, looks into accusations the crypto king made off with millions in investors' cash. [6], Ernst & Young was appointed as an independent monitor while Quadriga was granted temporary legal protection from its creditors under the Companies' Creditors Arrangement Act. (His wife says he is in fact dead and witnessed his funeral). Customers reported that once they arrived, there was nobody in the office, or that there was no cash to be disbursed. X-rays. Something was afoot. And who dies from Crohns disease at 24 years old? He launched QuadrigaCX in 2013, and it quickly became one of the largest crypto exchanges. It certainly started to look like fraud, said one anonymous investor in the doc. Jennifer RobertsonGerry Cotten,. - Watch Full Details ! He was one of the wealthiest people in the crypto world, and his company was at its pinnacle. More than three years after the sudden death of Quadriga CEO Gerald Cotten and the revelations that the company was a massive cryptocurrency scam, his widow,. Resides in Beverly Hills, CA. Two years after Liberty Reserve was taken down, the pair launched Quadriga, though Mr Patryn left the company in 2016 over a dispute on whether to list the company publicly and claims no involvement in the resulting schemes. Customers have since struggled to regain access to their money, citing withdrawl issues and lack of communication from the company. It is highly unusual for only a single executive to be the one with access to a company's fund, further muddying the waters around what happened to Cotten. He hopes the Netflix doc will get authorities to "move their asses and do something about it" but also to raise awareness "so it doesn't happen to other people". [15] He learned about Bitcoin in Toronto and travelled to Vancouver, British Columbia, where he founded Quadriga in November 2013 with Michael Patryn. Gerald and Jennifer kept most of their relationship away from the public. Robertsons sister, for the record, doesnt think that Cotten had fabricated his relationship with Jennifer. A C$100,000 trust fund was made to provide lifelong care for Cotten's two chihuahuas in case of Robertson's death. Was the CEOknown for his luxurious lifestyle, which included jets, supercars and vacationsmurdered by a mob debt collector or a jealous lover? , one of the co-founders, registered the domain name for QuadrigaCXnot Gerry. Quadriga Fintech Solutions was the owner and operator of QuadrigaCX, which was believed to be Canada's largest cryptocurrency exchange. Gerald Cotten was the founder of one of Canada's largest cryptocurrency exchanges, Quadriga CX. All Filters. The funeral, according to a Redditor claiming to be a contractor for QuadrigaCX, said that it was a closed-casket affair, and that Jennifer was fake grieving and dancing at the funeral to bacchanalian excess, and even kicked out Geralds family. A Canadian bank froze another $21 million of funds. Mr Patryn pled guilty in 2005 to working in an identity fraud ring, and did business under a company called Midas Gold as an intermediary with Liberty Reserve, a Costa Rican digital currency firm busted as one of the largest money laundering operations in history. [45], In June 2020, the Ontario Securities Commission officially concluded that Quadriga was indeed a fraud and a Ponzi scheme. No longer a likable nerd, investors thought that Gerald, now sceptre, had been operating scams since he was 15. I put myself into a deep hole and the only way to dig out of it was to sell my house.. Died, and He Had the Passwords", "Pre-filing report of the proposed monitor", "Controversial QuadrigaCX cryptocurrency exchange placed in bankruptcy", "Quadriga Should Shift to Bankruptcy Proceedings, Monitor Says", "FBI Probing Bitcoin Exchange Quadriga Over Missing $136 Million, Source Alleges", "Quadriga: Lawyers for users of bankrupt crypto firm seek exhumation of founder", "How Gerald Cotten built Quadriga and created the ensuing crypto storm", "Ponzi Schemes, Private Yachts, and a Missing $250 Million in Crypto: The Strange Tale of Quadriga", "Geek Speak: Gerald Cotton, CEO of Quadriga CX", "Crypto chaos: From Vancouver to Halifax, tracing the mystery of Quadriga's missing millions", "Quadriga's late founder used to store clients' Bitcoin passwords on paper so they wouldn't get lost", "A crypto exchange CEO dies-with the only key to $137 million", "Details emerging about Gerald Cotten, the young founder of QuadrigaCX", "My smart contract just ate $14 millionnow what? Jilted investors of Cotton's crypto firm QuadrigaCX have demanded his corpse be exhumed and tests run to confirm its his body. When he was a 15-year-old in Belleville, Ont., Gerald Cotten was selling get-rich-quick schemes on online forums that taught him how to deceive investors and cover his tracks. So, Patryn: shit-stirrer, criminal mastermind or another one beguiled by Cotten? Gerald Cotten had an estimated net worth of $80 million at the time of his death. In 2019 the exchange ceased operations and the company filed for bankruptcy with C$215.7 million in liabilities and about C$28 million in assets. For instance, had Cottens death certificate, which spelled his name as Cott, , been faked? I ended up losing my life savings I lost $400,000, Tong Zou, a tech worker quoted in the film, says. He would grow up to be a cryptocurrency entrepreneur and run Canadas largest crypto exchange, QuadrigaCX, before dying under bizarre circumstances in 2018, leaving investors looking for a missing $180 million Canadian dollars. Want to bookmark your favourite articles and stories to read or reference later? The accounting firm Ernst & Young, tasked with auditing the company as it undergoes bankruptcy proceedings, discovered numerous money-losing trades executed by Cotten, using customers funds. [17], In 2016, Cotten became the sole director of Quadriga when all the other directors resigned. Gerald Cotten is allegedly meant to have died from Crohns disease after the exchange crashed. He is believed to have carried out Ponzi scheme scams since he was just 15 - such as playing a role in pre-crypto digital token eGold, according to investigator Amy Castor. And, wildly, was Jennifer, his wife, even. The mystery of Cotten and Quadriga is now the subject of podcasts Exit Scam and A Death In Cryptoland. Gerald Cotten, 30, died abruptly in December 2018 of complications relating to Crohn's disease while on honeymoon in Jaipur, India, with his wife, Jennifer Robertson. ", "Vancouver crypto exchange, CIBC clash over frozen accounts", "Judge rules with CIBC, grants possession of disputed Quadriga funds to Ontario Superior Court", "The fintech 'genius' accused in $165m fraud", "Crypto Firm Cited in Bitfinex Case Had Also Worked With Quadriga", "Quadriga co-founder served time in U.S. for role in identity-theft ring, documents reveal", "Criminal Past Haunts Surviving Founder of Troubled Crypto Exchange", "Crypto firm CEO with $190 million password did die in Jaipur hospital", "Cryptocurrency Exchange Says It Can't Access $190 Million After CEO Unexpectedly Died", "Millions in cryptocurrencies frozen in Canada after only person who had password dies in India", "Crypto Exchange Founder Filed Will 12 Days Before He Died", "Quadriga CEO, whose death ignited a cryptocurrency storm, a kind man with taste for fine things, say friends", "Crypto Exchange Mystery Deepens as Board Seeks Court Protection", "Crypto exchange Quadriga files for creditor protection", "Quadriga mystery deepens with little evidence of cold wallets containing $250M", "A Crypto-Mystery: Is $136 Million Stuck or Missing? Cops believe that Quadriga CX was actually an wide-ranging Ponzi scheme - and Cotten would use fake accounts under the name "Chris Markay" to "buy" his customers Bitcoin using fake cash. The crypto entrepreneur bought increasingly lavish purchases: a $600,000 yacht, a high-end Lexus, 17 homes in Canada, a plane. Cotton's sudden death from complications of Crohn's disease aged 30 shocked the crypto world - but many believe he may have faked his death in an elaborate "exit scam". Now . The podcast was hosted by Takara Small. Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in, Investors are still hunting for millions in vanished cryptocurrencies, writes Josh Marcus, Find your bookmarks in your Independent Premium section, under my profile. Despite no concrete evidenceindeed, the murdered mans. According to the documentary, thats around the time that Cotten started to invest his money in islands, cars and property, traveling the world while running his exchange. It was one of the only games in town [for crypto enthusiasts], Sheona McDonald, who directed the film, told The New York Post. Cotten was the only one with access to necessary permissions. Cotten In 2013 was looking for a programmer to help him create a bitcoin marketplace using the account name Murdoch1337 on a BlackHat Forum and this account was last seen active in August 2019 at this point he should have been "dead" for a long time. We just send money from our Bitcoin app directly to those paper wallets, and keep it safe that way. as well as other partner offers and accept our. Where was the rest of the money? Lawyers representing investors in what BBC. And why did the Indian hospital that treated Cotten misspell his name on his death certificate? A NEW documentary on rogue crypto trader Gerald Cotton, who took up to $215million in Bitcoin and other digital currencies to his grave, has sparked rumours he may have faked his death. "What Quadriga really did with the money that customers gave it to buy Bitcoin remains a mystery," according to Chainalysis. The business was run from Cotten's encrypted laptop from Cotten's home in Fall River, Nova Scotia. Thats when the. [17] Michael Gastauer, Chief Executive of WB21, has been named in a civil lawsuit by the U.S. Securities and Exchange Commission as part of a US$165 million fraud. [16] In 2014 only C$7.4 million worth of bitcoin were exchanged on Quadriga. More than three years after the sudden death of Quadriga CEO Gerald Cotten and the revelations that the company was a massive cryptocurrency scam, his widow, Jennifer Robertson, tells her side of the story.#Quadriga #GeraldCotten #BitcoinWatch The National live on YouTube Sunday-Friday at 9 p.m. ETSubscribe to The National: https://www.youtube.com/user/CBCTheNational?sub_confirmation=1Connect with The National online:Facebook | https://www.facebook.com/thenationalTwitter | https://twitter.com/CBCTheNationalInstagram | https://www.instagram.com/cbcthenationalMore from CBC News | https://www.cbc.ca/newsThe National is CBC's flagship nightly news program, featuring the day's top stories with in-depth and original journalism, with hosts Adrienne Arsenault and Andrew Chang in Toronto, Ian Hanomansing in Vancouver and the CBC's chief political correspondent, Rosemary Barton in Ottawa. A big chunk of it was given to him by his parents. Dhanani also had pleaded guilty to burglary and grand theft charges and had been deported to Canada. Wood ordered a "30-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. 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. Cotten also took flying lessons as he appeared to be possibly preparing for a life on the run. [17] In June 2017, Quadriga announced that they had lost ethereum worth US$14 million due to a smart contract error. Zou trusted Quadriga CX, Canada's largest cryptocurrency exchange, with C$500,000 (305,000). NOW WATCH: Netflix is headed for a huge profit milestone in 2018, Personal Finance Insider's picks for best cryptocurrency exchanges. - October, November, December - during all that time," he said. Was a recently-active Skype account proof he was still alive? By clicking Sign up, you agree to receive marketing emails from Insider [53], A Netflix documentary titled Trust No One: The Hunt for the Crypto King about the story of Gerald Cotten was released in March 2022. I'm 99% sure he is still alive living nicely. Many believe that Cotten faked his death, however, as part of an exit scam to get away with. And, wildly, was Jennifer, his wife, even real? Retrieved 18 January 2022. He died just nine days into his honeymoon due to an acute stomach ache. [3][4][5], Quadriga likely never invested the funds entrusted to it, according to Chainalysis, a cryptocurrency tracking firm. Some 76,000 investors like Zou collectively lost out. Fake trading: I'm almost certain that he was trading with fake crypto, Chris Markay was one of the accounts that Cotten used to trade his "crypto" he also is known to have other aliases Sceptre Gerry, Aretwo Deetwo and Seethree Peaohh. They surfed his social media accounts at first, then traced Cottens digital footprints even more closely for clues. Netflix Special on Bitcoin Fraudster Gerald Cotten, His Wife, and QuadrigaCX. Did he Die? [47], Gerald Cotten's widow has maintained that she knew nothing about her husband's activities and agreed to forfeit $12 million in assets. Photo by Gaetano Cessati on Unsplash. Uncertainty about the missing funds has fueled speculation that Cotten may still be alive. He passed away in 2018 with the secret of $250 million. Furious investors continue to fight a legal battle to try and have Cotten's body exhumed as they believe his death was a cut and run scam. We pay for your stories! The death, and the resulting collapse of Quadriga, set off a score of government and citizen investigations into how so much digital currency could be spirited away. At this point, lots of investors think that Cotten, a man alleged to have a history of scamming, really had faked his own death. A big chunk of it was given to him by his parents. The Netflix documentary will follow investors-turned-investigators looking into theories on the founder's sudden death. Its pretty much money by people for people.. Then, out of the blue, one Mike Patryn joined the Telegram group that investors were using to discuss conspiracies. Ernst & Young was able to recover $24m in cash and $9m in assets held by Robertson. CRYPTO scams are popping up all over the internet. Netflix has seen a boom with its true-crime docuseries, from 'Tiger King' to 'Making a Murderer.' Start your Independent Premium subscription today. One source in the doco goes as far as to claim Cotton may have used a substance known as "Haitian zombie powder" to fake his death. Since his death, Cotten has been recast as a habitual scammer who would enjoy the thrill of knowing he was duping his customers and investors. Please refresh the page or navigate to another page on the site to be automatically logged in, Please refresh your browser to be logged in, A lost password, a sudden death and $180M in missing crypto, Extra 20% off selected fashion and sportswear at Very, Up to 20% off & extra perks with Booking.com Genius Membership, 50 cash with friend referrals at Virgin Mobile, 15% off extra plans with this Vodafone promo, Compare broadband packages side by side to find the best deal for you, Compare cheap broadband deals from providers with fastest speed in your area, All you need to know about fibre broadband, Best Apple iPhone Deals in the UK March 2023, Compare iPhone contract deals and get the best offer this March, Compare the best mobile phone deals from the top networks and brands. Angry and suspicious investors congregated on Reddit and Telegram to try to get to the bottom of the mystery. https://bit.ly/3cAIH4j Newest Vid's https://bit.ly/3JkFmEqFollow Us On Facebook https://bit.ly/3oh5cS8Gerald Cotten or Gerry Cotten's life and tragic passing are shrouded in mystery. Cotten's sudden death in 2018 led to the disappearance of millions of dollars. There was no way of getting my money back. He graduated from York with a bachelor of business administration in 2010. California (2) Massachusetts (1) Texas (2) Refine Your Search Results. A C$24.7 million disbursement fund has been planned with C$300,000 to go to Cotten's widow, Jennifer Robertson, who advanced that amount to start the court proceedings; C$200,000 will go to Ernst & Young and another C$250,000 to its lawyers; C$229,842 will go to Quadriga's lawyers; and C$17,000 to independent contractors. Re-thinking indemnification for smart contract risks", "Bitcoin investors face long delays cashing out, criticize two B.C. Cotten's widow has rarely spoken publicly, but in an affidavit has described herself as being subject to "slanderous comments" over accusations her husband faked his death. Cbc.ca. The documentary follows a group of Quadriga investors turned sleuths who dig into the suspicious death of Cotten and the millions of missing cryptocurrency they believe Cotten stole from them, according to a tweet from Netflix announcing the film. Gerald Cotten, 30, died abruptly in December 2018 of complications relating to Crohns disease while on honeymoon in Jaipur, India, with his wife, Jennifer Robertson. He appointed Peter Wedlake of Grant Thornton to be chief restructuring officer. Was Patryn, whom employees described as a macho, terrifying character, calling the shots, not Cotten? pic.twitter.com/rGymJ5f9Or. But when co-founder Cotten died during a honeymoon in India, the money was seemingly lost forever. Its the swindler story you havent heard of until now. But, due to the strict security of crypto, we may never know. [27] Another payment processor used by Quadriga, Crypto Capital, was named in a civil suit filed by the New York Attorney General in April 2019. I just prayed. The company raised C$850,000 but cancelled plans to list on the exchange in early 2016. thinks that Gerald is deadnor did he ever meet his wife. Sign up for notifications from Insider! He and his wife, Jennifer Robertson, jetted all over the world on private planes, visiting chic locales in Paris, Hawaii, and Morocco. Gerald Cotten is a bitcoin millionaire from Canada whose death, supposedly from complications relating to Crohn's disease, is now being questioned. But pour in it did. [52], The CBC released a 6-episode podcast about Quadriga and the death of its founder called A Death in Cryptoland. November 28, 2022 by Nurudeen. Despite presenting himself as mild mannered and clean cut, Cotten was found to have had a history of carrying out financial cons - starting when he was just a teenager. Some evidence suggested that Jennifer, if real, was acting strangely. "At that point, we were desperate to recover funds and we were also convinced that a scam was underway," said QCX-INT, an individual who uncovered online documentation of Mr Cottens history of fraudulent behaviour, speaking anonymously to the CBC this year. Still, all this evidence was circumstantialinvestors hadnt yet found a smoking gun. [1], The company's CEO and founder, Gerald William Cotten, allegedly died in 2018 after traveling to India. Some speculate that Cotten, who suffered with Crohn's disease, might actually be alive. Still, questions about the missing money only mounted when two Globe and Mail reporters followed up on the case. Overcast with rain showers at times. [9][10], The Royal Canadian Mounted Police (RCMP) and the U.S. Federal Bureau of Investigation (FBI) were reportedly investigating the company. He appointed his wife as the executor of his estate, handing over a $9million real estate empire, his yacht and his Cessna plane - and he even left his two dogs an inheritance of $100,000. It comes as we revealed some of the world's biggest crypto scams following the case of Bitcoin tradersRaees Cajee, 21 and Ameer, 18,who fledSouth Africa after allegedly pocketing 2.5billion. This was my entire savings, built through ten years of work, said one disgruntled customer in the doc. goes to Cottens hospital in India to put the whole fake death thing to bed. The shocking story has been recounted in a new Netflix documentary, Trust No One: The Hunt For The Crypto King. Trust No One depicts Cotten as a nerdy, happy-go-lucky, and charming CEO, who was knee-deep in Bitcoin and a fierce advocate of the technology. CIBC stated that they could not determine the ownership of the money and could not contact Cotten or Quadriga. Netflixs latest true crime documentary, Trust No One: The Hunt for the Crypto King, has arrived on the streaming platforms extensive catalog of intriguing documentaries. He convinced tons of investors to fork over their money so he could invest it into Crypto. [48], On 5 February 2019, Nova Scotia Supreme Court Justice Michael J. This was more of a gamblers high than a rich guys high as he pursued more and more of other peoples money, the stakes went up. When Taylor Monahan, founder of MyCrypto, examined the exchanges cold wallets, she couldnt find the lost crypto. The two first met in November 2014 and had been together for some time before tying the knot in October 2018. "So far, nothing's been found. But even the forensic accountants only managed to trace $46 million of the total $215 million customers had deposited onto the exchange. Both Canadas tax authorities and the FBI are also investigating the company. reporters had a hunch that this was Gerry Cotten, and traced the account to another online den of thieves, BlackHatWorld. Like the end of a classic Ponzi, the OSC said that due to Cottens bad trades, QuadrigaCX couldnt afford to credit customers who withdrew funds. His will was signed off just two weeks before he and wife Jennifer Robertson travelled to India on their honeymoon. In her memoir, Ms Robertson denies shes part of an elaborate plot to fake her husbands death, adding that speculation has led to death threats from stalkers demanding she returns the missing millions. Image Credit: CTV Your Morning/YouTube. 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. , initially diagnosed Cotten with little more than travelers diahrrea, but kept him in hospital just in case. Gerald Cotten Still Alive ? Investors who believed that Cotten had faked his own death and ran away with the money had made one huge assumption: that Cotten had money to steal. Cotten was young, energetic, passionate about cryptocurrency so when. One of the Globe reporters had a hunch that this was Gerry Cotten, and traced the account to another online den of thieves, BlackHatWorld. The OSC found that after 2016, QuadrigaCX stopped producing consistent data about its holdings, and that large volumes of cryptocurrencies were being sent to foreign crypto exchanges. 5 #GeraldCottenReallyDead #GeraldCottenStillAliveGerald Cotten Really Dead ? Evidence of him faking death: There's lots of bizaare things that are suspicious. Subsequent investigations found that Michael Patryn, one of the co-founders, registered the domain name for QuadrigaCXnot Gerry. Gerald 'Gerry' Cotten died in 2018, taking password to access funds with him Credit: Netflix. The user said that he left the company in 2016, and that the company was legitimate at the time. Did Cotten fake his own death, investors began to ask, absconding to lands anew under a new name and a surgically rejigged face? And for some, things still looked suspicious. His clients were locked out of about $250 million, and investigators later. Supposedly, Cottens business associates didnt even know he was married. Quadriga's customers are owed C$260 million in cryptocurrency and cash. at the time Canadas largest cryptocurrency exchange, Gerald Cotten, 30, died in questionable circumstances, Canadian company founder took crucial password to the grave. It was alleged that Patryn was involved in a money-laundering ring under a different nameOmar Dhanani. [32] It also stated that Quadriga has 363,000 registered users and a sum of C$250 million is owed to 115,000 affected users. The 33-year-old has attempted to get his money back in a lawsuit, but hasn't had any luck as yet. (Neither men were charged in connection with Liberty Reserve). March 30, 2022. It sucks.". Robertson has not been accused of any wrongdoing - and has denied any knowledge of her husband's business dealings. When Canadian blockchain whiz Gerald Cotten died unexpectedly last year, hundreds of millions of dollars in investor funds vanished into the crypto ether. "[40][41], Ernst & Young found five Quadriga cold wallet addresses, but they were empty, containing no cryptocurrency since April 2018. [33], Cotten's will was signed 27 November 2018, twelve days before he allegedly died. It left Robertson the entire C$9.6-million estate and named her as the trustee. But when co-founder Cotten died during a honeymoon in India, the money was seemingly lost forever. He was 30-years-old at the time of his death. The young entrepreneur seemed to be at the height of his success, traveling around the world with his wife, Jennifer, and leading a jet-setting lifestyle. However, it was eventually discovered that Gerald had transferred all of his belongings to his wife before his death. Gerald Cotten is allegedly meant to have died from Crohn's disease after the exchange crashed. The thing about conspiracy theories, though, is that they mutate out of control very quickly, and arent always reflective of the latest evidence. But even the forensic accountants only managed to trace $46 million of the total $215 million customers had deposited onto the exchange. So, Patryn: shit-stirrer, criminal mastermind or another one beguiled by Cotten? Many believe that Cotten faked his death, however, as part of an exit scam to get away with stealing millions from Quadrigas customers. Netflix's latest true crime doc, "Trust No One: The Hunt for the Crypto King", seeks to unravel the mystery of Gerald Cotten, the CEO of crypto exchange QuadrigaCX, who died in 2018. Netflix has tried to get to the bottom of things in its new 90-minute doc; read on to uncover the wild tale of Gerald Cotten. An official investigation concluded that Quadriga was"an old-fashioned fraud wrapped in modern technology". Cotten told a Globe and Mail reporter that the banks, which didnt trust crypto exchanges, had frozen the exchanges bank accounts. So far, only about $46 million has been recovered. [33] After the exchange was put into maintenance mode for several days in January, they announced on the 31st that they were applying for creditor protection. His wife Jennifer Robertson said he had promised to create a mechanism that turned thepasswords over to her when he died. And with the mystery of Quadriga still being unraveled by the Feds, Mounties, amateur sleuths and investigative journalists - the question remains what happened to Cotten? At first, the now-closed company allegedly blamed the delay on a legal issue with a bank. Gerald 'Gerry' Cotten | FAKE Behind 'Hunt For The Crypto King' Netflix | Where Are They Now?Subscribe Here! While the large increase in volume increased commissions, it also caused cash-flow problems due to the exchange's reliance on external payment processors and its lack of a proper accounting system. Further complicating the matter the company's co-founder Michael Patryn was revealed to actually be a man named Omar Dhanani, who had previously been convicted in the US of identity fraud. Using a reputable custodian to hold the private keys outside the company is perhaps the best option to ensure these codes are not lost, Erik Wilgenhof Plante, the former CCO of the exchange BeQuant, told The Independent at the time. https://www.blackhatworld.com/seo/hiring-a-programmer-website-like-bitstamp-bitcoin-trading-project.605236/. Like other crypto-exchanges, Quadriga kept its funds in so-called cold wallets, digital storage devices not connected to the internet, which are safe from hacking.