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Crypto exchange QuadrigaCX not regulated by Canadian securities watchdog

10 February 2019

Cotten who died in Fortis Hospital in Jaipur in December and left more than 100,000 of its users in a quandary because only he had access to $145 million of bitcoin and other digital assets, signed his last will and testament just days before his death.

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.

British Columbia's securities regulator said it does not have jurisdiction and plans no action, while the Royal Canadian Mounted Police would not say whether an investigation into the mysterious death of the exchange's owner is underway.

In December 2013, Gerald William Cotten launched QuadrigaCX, a crytocurrency exchange where people could trade in digital currency using real or virtual money. She was granted the right to administer his estate as executor on January 2.

"I do not know the password or recovery key", she said. Cotten, who essentially operated the exchange from his laptop computer, resided near Halifax, Nova Scotia.

According to court documents, Cotten's will was filed on 27 November 2018 - 12 days before his death.

In her affidavit, Robertson says she has been subjected to online threats, slanderous comments and speculation about Cotten's death, "including whether he is really dead". Cotton was diagnosed at the hospital with a case of septic shock, perforation peritonitis, and intestinal obstruction.

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

The CEO of Canadian cryptocurrency firm QuadrigaCX spent a day at the Fortis Escorts hospital in the city, before dying of a cardiac arrest on December 9, 2018.

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. He was also feeling feverish when he came to the hospital, sources said.

To repay its users, the exchange is said to be looking into selling its platform.

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

"The CSA continues to urge Canadians to be cautious when considering buying crypto-assets through trading platforms", CSA spokeswoman Ilana Kelemen said in an email on Thursday.

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.

Crypto exchange QuadrigaCX not regulated by Canadian securities watchdog