When Canadian blockchain whiz Gerald Cotten died unexpectedly last year, hundreds of millions of dollars in investor funds vanished into the crypto ether. But when the banks, the law, and the forces of Reddit tried to track down the cash, it turned out the young mogul may not have been who he purported to be.
Most of these early acolytes were drawn to the digital currency’s libertarian ethos, its promises of decentralization, transparency, speed, and independence from governments and financial institutions.
Lol, aaah yes... and then their guru man went missing, along with their "money"! How do ya like that freedom now!?
I personally met with and did a face-to-face transaction with the other co-found Micheal Patryn in their dinky office believe it or not the same building as the BCSC offices (literally right under their noses).
No signage, no computers, just an empty room a desk/chair and an ethernet cable.
He seemed actually nice and pleasant but we weren't there to chit-chat, the office was as I mentioned empty (and like a shared office floor).
It funny because fast forward a few years and there was a reddit user on BitcoinMarkets who was telling people his trades and sizes he was trading $3m+ in single trades and people couldn't fathom that an individual was trading significantly higher than most, turns out it was MP. Now this could have been his personal trading account, but I think it was QCXs (using customers assets to trade with aims to profit) and return said assets but cream-off the profits.
Honestly I had zero issues leading up to their closure. I'm so happy that I stopped using them as I felt an uneasy feeling about their operations when I crossed their address to a random building on commercial drive.
I since moved over to shakepay and been loving the simplicity of it.
> Honestly I had zero issues leading up to their closure
About a month or so before the closure people were reporting not being able to get their money out. Prior to that though, yeah it was decently smooth and I never had any issues.
they didn't actually suck, I used them since their inception, the problem is something went wrong, wether it was fraud, greed or something else and they went rogue.
But for several years this exchange was by *far* the best place for a Canadian to buy crypto/bitcoin.
I personally used them right up till October'18 and never had issues (mind you I am also not dumb enough to keep fiat money or crypto on an exchange).
Ditto. But somewhere around 2017, I did a cash-bitcoin transfer, and the cash just disappeared without a confirmation on the chain.
I panicked for a bit, then emailed Quadriga's support. They responded on the third day saying they are investigating, then gave me the bitcoin a week later. At that point I begin to suspect their exchange system is not as well designed as their website's portrayal.
Since the beginning I make sure none of the funds stay on Quadriga for longer than 1 hour, so I didn't lost anything.
Maybe "he" (or something) was cremated ??
All the linked article says is:
>Confusion compounded confusion. The body was returned to the Oberoi and then sent out again to be embalmed; the embalmer refused to accept a body from a hotel, so Oberoi employees took it to a local medical college, where a staffer performed the procedure. **The following afternoon Robertson returned with the body to Canada.**
This was a great article. This is exactly why I wrote a book about crypto to try to teach newcomers about security and protecting your assets. This wasn't the first exchange that I had accounts on that got hacked or shut down. I had two accounts on Quadriga - one for personal use, one was a business account. Thankfully, I didn't lose anything because I didn't keep anything on the exchange for more than the absolute shortest amount of time necessary, often only minutes or hours. Not your keys, not your coins. And the odds of something going wrong at a crypto exchange are exponentially higher than with a traditional bank (well, at least with a Canadian bank).
The book is available on Amazon, but only for additional exposure, not because I'm trying to make money. I'm also distributing it for free as an eBook. If anyone wants a free copy, just DM me here. If you have friends or family who start wanting to learn about crypto someday, you'll want to give them a copy.
I was pretty surprised too, after the story broke, to find that Cotten lived only a few minutes away from me. I wonder where he's living now.
Hey, I put a couple thousand hours into this. What's wrong with giving it away for free? We all want mainstream adoption, don't we? That should start with teaching people how cryptocurrencies work, and how to protect their investments.
Also, I started learning about bitcoin in early 2013. Let's just say that it's not like I need to worry about making royalties off the book.
i think that mike got a hold of the secret keys, and instead of running away with the bitcoin, which would cause the usa and world police to come after him,
so he made a plan, in where he convinced gerald to go to india, once arrived there mike put something in gerald's food or drink which killed gerald, which in india would be considered normal "cause" of death
now everyone is blaming gerald for the stolen money, when in reality mike still has the keys and bitcoin and will eventually use them after years when the investigation is closed
the perfect plan,
maybe his wife was even in on it, women are easily influenced by large sums of money
now a days you can't run away with a lot of money, because the internet is everywhere so anyone can easily find you, not like the past where there was no smartphones and cameras so you could easily run away with millions of dollars and never be caught,
maybe someday we will know when we can break his laptop encryption or the bitcoins are moved from the wallet
or maybe he really did fake his death, or maybe he really did die from a stomach bug
So the boat, the plane, all the trips she was taking to oddball countries, the trip to India. It was all escape plans. To run once they had to. But they could never work up the courage. They just kept planning and saying they were going to. But never got the balls to run.
And on scouting mission number 50 or whatever, Gerald got sick and died. She goes home and says it's all Gerald's fault. Makes total sense.
For what it’s worth, I actually pulled a lot of money off of there in May 2018. Also, for what it’s worth, I’ve already done my reading to confirm that even if this does end up being seen as a Ponzi by the Canadian legal system, since I was an “arm’s length” user, I have nothing to worry about re: clawbacks.
Quadriga was a scam through and through, but for a time there was true liquidity on the exchange, and real money was involved.
The ones with most of the "money" were the early "adopters", they basically were just happy to get whatever they could out of it. Put another way, if you spent a couple hundred bucks a few years ago and now you suddenly have 20 million, you're not going to be too upset if you can only get 10 million out.