The recently deceased CEO of Canadian cryptocurrency exchange QuadrigaCX filed a will 12 days before his death, according to a report by Bloomberg yesterday, February 5.
Cotton left everything to his wife
The document obtained by Bloomberg revealed that Gerald Cotten, the dead CEO of QuadrigaCX, signed his last will and testament on November 27, 2018. In it, Cotten mentioned his wife, Jennifer Robertson, as the only beneficiary and the executor to his estate.
Robertson is set to inherit properties in Nova Scotia, where the couple lived. She will also inherit some properties in Kelowna, British Columbia, a Lexus, a Jeanneau 51 yacht, an airplane, and his two pet chihuahuas.
The information about Cotten’s will came just two days after Crypto Heroes reported that crypto exchange QuadrigaCX could not repay 190 million USD to its clients. Robertson filed an affidavit last month, revealing that the exchange cannot repay the 190 million USD as Cotten was the only one who knew the password to their cold storage.
QuadrigaCX has faced financial difficulties since Cotten died in India due to complications from Crohn’s disease in December 2018. Multiple reports suggest that over 100,000 users of the exchange have been affected.
Court grants 30 days of protection from creditors
Bloomberg mentioned that several users of the crypto exchange had hired the services of lawyers to help retrieve funds. A Canadian Supreme Court has issued an order, granting QuadrigaCX creditor protection, the report added.
The court order gives the exchange 30 days of initial protection from its creditors, and QuadrigaCX is expected to come up with a “Plan of Arrangement” during this time. The court can extend the period if QuadrigaCX is able to demonstrate that it will likely file a Plan of Arrangement, and the extension will not cause damages to creditors.
The death of QuadrigaCX’s CEO has caused controversy in the crypto community, with some customers claiming he faked his death as a form of exit scam. However, the Directorate of Economics and Statistics in Rajasthan issued a death certificate, stating that Gerald William Cotten died on December 9.
A court-ordered lawyer has been entrusted with the encrypted laptop containing the crypto reserves. Meanwhile, QuadrigaCX’s lawyers are considering selling the company to settle the debts.