Kelowna connection to dead cryptocurrency exchange CEO

Gerald Cotten, holding the keys to money tied up in his virtual currency exchange, died in December.

  • Feb. 22, 2019 6:20 a.m.

Kelowna has a connection to the QuadrigaCX CEO who died, leaving an estimated $250 million in cryptocurrency on his laptop and countless investors out of pocket.

A home in an Upper Mission subdivision is among the possessions listed in Gerald Cotten’s will.

The neighbourhood was pretty quiet Thursday, but one person at home said it’s been empty for months.

Just a couple of tracks in the snow lead to the front door and back downt the driveway.

The home that’s valued at $1.3 million on B.C. Assessment appears to be Cotten’s only Kelowna holding and was left to his wife.

READ ALSO: BC CRYPTOCURRENCY EXCHANGE GETS COURT ORDER

An estimated 115,000 QuadrigaCX customers are owed about $70 million in cash and $190 million in Bitcoin and other cryptocurrencies.

The Vancouver-based exchange was shut down Jan. 28, more than a month after its CEO and sole director — Nova Scotia resident Cotten — died while travelling in India, leaving his company without access to much of its cryptocurrency.

His widow, Jennifer Robertson, has said in court documents that Cotten was the only person with access to his laptop, which is thought to contain the digital keys to the cold wallets.

Cold wallets are offline storage devices protected by encryption technology. Cryptocurrency exchanges typically use them to store the bulk of their digital assets, which puts them beyond the reach of online hackers.

Hot wallets are online sites that store smaller amounts of cryptocurrencies, making them readily available for trading — a practice akin to using a currency float in a cash register.

More to come.

To report a typo, email:
newstips@kelownacapnews.com
.


@KelownaNewsKat
kmichaels@kelownacapnews.com

Like us on Facebook and follow us on Twitter.

Just Posted

Okanagan-Shuswap weather: Showers to start weekend, sun returning soon

Environment Canada forecasts rain on Saturday and the heat returning next week

Kootnekoff: It’s my strata, and I’ll smoke if I want to (Part 2)

The final part of a legal battle between two strata residents and second-hand smoke

UPDATE: West Kelowna fawn euthanized, not claimed by sanctuary

Gilbert the deer has been euthanized after a suitable home was not found in time

Iconic rock photographer Bob Gruen to exhibit work in Kelowna

Gruen’s portfolio includes John Lennon, Bob Dylan, Led Zeppelin, David Bowie, among many others.

School district monitoring McCurdy supportive housing plan debate

Top priority for board of education is to maintain safety integrity of local schools

July showers wash out half of the Okanagan’s cherry crop

Cherry growers say this is the worst season they’ve seen in decades

Recall: Certain Pacific oysters may pose threat of paralytic shellfish poisoning

Consumers urged to either return affected packages or throw them out

How a Kamloops-born man helped put us on the moon

Jim Chamberlin did troubleshooting for the Apollo program, which led to its success

Sexual harassment complaints soaring amid ‘frat boy culture’ in Canada’s airline industry

‘It’s a #MeToo dumpster fire…and it’s exhausting for survivors’

How much do you know about the moon?

To mark the 50th anniversary of the first lunar landing, see how well you know space

Body, burning truck found near northern B.C. town

RCMP unsure if the two separate discoveries are related

Survivorship Dragon Boat Team wins in Vernon

Team takes top spot in A division at festival

Couple found dead along northern B.C. highway in double homicide

Woman from the U.S. and man from Australia found dead near Liard Hot Springs

RDOS contributes funds to arts centre workshop

South Okanagan Performing Arts Centre Society wants input into proposed facility

Most Read