Gerald William Cotton, founder of a now-defunct start-up that dealt in cryptocurrency died in Jaipur last month, mysteriously. He reportedly took passwords which hold key to accessing virtual currency worth Rs 1,000 crore to his grave.
His sudden and mysterious death could lead to the possibility that Rs 1,000 crore in digital currency may disappear, off the face of the earth. Gerald William Cotten is now dead and he has reportedly taken to his grave access to around Rs 1,000 crore worth of cryptocurrency which may never be recovered again.
In December 2013, Gerald William Cotten launched QuadrigaCX, a cryptocurrency exchange start-up where people could trade in digital currency using real or virtual money. Over the past few months, QuadrigaCX ran into legal troubles as a number of its customers faced problems in accessing their money whether real or virtual on the platform.
In early December, QuadrigaCX troubles were reportedly solved, as the crypto exchange stated that certain funds that were held because of its legal problems were being released. The company had stated at the time that it was focusing on improving its customer service and hoped to provide a better customer service experience to its users.
Gerald William Cotton reportedly came to India as he wanted to build an orphanage in Jaipur. However, news of his death in the pink city on Dec 9, 2018, under mysterious circumstances led to a lot of speculations and gossip, yet to die. The death certificate, dated Dec 13 states that Gerald William Cottan' died at the Fortis Escorts Hospital, located in Jaipur's Malviya Nagar but, the with news of death being reported after a month by QuadrigaCX make things murkier. The company stated on its Facebook page on Jan 15, “It is with a heavy heart that we announce the sudden passing of Gerald Cotten, co-founder and CEO of QuadrigaCX."
Given the sudden news, a lot of speculation is going on that this is an elaborate scam by QuadrigaCX to steal funds worth Rs 1000 crore from its users. A number of people have stated that the death certificate was a fake. We don’t know what’s the truth, but hope that people are able to recover their hard-earned money from the start-up who is under investigation right now!