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Troubled Canadian cryptocurrency exchange Quadrigacx may be newly armed with a 30-day stay from creditors, following the Feb. 5 bankruptcy hearing, but its late CEO’s widow, Jennifer Robertson, is on shifting ground as her affidavit is being picked apart by customers, experts and conspiracy theorists.
Cotten’s Death Births Several Conspiracy Theories
Quadrigacx, until last year the largest Canadian exchange by traded volume, gained notoriety when it filed for bankruptcy protection, claiming that its founder and chief executive officer, Gerald W. Cotten, died in India on Dec. 9 without revealing the keys to cold wallets containing CAD $ 190 million (~US $ 145 million). A Nova Scotia Supreme Court judge on Tuesday granted Quadriga’s request for creditor protection from as many as 115,000 customers.
The shifting narrative is now being challenged on multiple fronts, with skeptics claiming that the 30-year old CEO faked his death to evade paying customers. A recent report in The Times of India confirms that Cotten did die on Dec. 9 and his widow was granted a death certificate and police clearance to take his body back to Canada.
The article claims Cotten was admitted to Fortis Escorts hospital in Jaipur on Dec. 8 and diagnosed with “septic shock, perforation, peritonitis and intestinal obstruction.” Cotten allegedly died hours later of a cardiac arrest. He was known to suffer from Crohn’s disease.
Without DNA confirmation, though, the report will do to little to douse the skepticism surrounding the saga. Cotten is thought to have methodically gone about his “death,” naming his wife the sole executor of his estate 12 days before passing, and bequeathing properties from a jointly operated company to his in-laws.
A Widow’s Fortune
On a related note, it has been revealed by Canadian broadcaster CBC that Robertson’s company acquired properties in Nova Scotia worth CAD$ 7.5 million (~US$ 5.6 million) in the last two and half years. The properties may be a subject of interest as Quadrigacx is currently looking for money to pay creditors under the administration of accountants Ernst and Young.
According to the Nova Scotia’s property registry, Robertson and Cotten bought 16 properties between May 2016 and October 2018, ranging in price from CAD$ 94,000 for a waterfront lot in Lunenburg County to CAD$ 2.5 million for nine row houses in Bedford. About a dozen properties are held by the widow’s company, Robertson Nova Property Management Ltd, CBC reported.
Robertson, who also owns two other properties in her own name, including an island in Mahone Bay the couple purchased in September 2017 for CAD $ 162,000, has used three family names in the last few years.
According to the CBC article, deeds for properties she bought in 2016 show she was once known as Jennifer Forgeron. On Dec. 1, 2016, she changed her name from Jennifer Kathleen Margaret Griffith to her current name, Jennifer Kathleen Margaret Robertson.
Quadrigacx Has Less BTC Than It Claims to Own
While discontent and conspiracy theories have been particularly awash on social media, one cryptocurrency researcher has claimed that the exchange had significantly less bitcoin than it claims to have lost, and dismisses the claim that Cotten died with the keys to cold wallets, claiming that blockchain records show outgoing transactions since Cotten’s death.
A theory has also been floated that the company did not actually have the supposed cryptocurrency in its accounts but would use customers’ money for withdrawal requests. Delays experienced by some customers between withdrawal requests and payment were attributed to the possibility that the exchange was waiting on new deposits.
The company had previously claimed liquidity problems as a result of losing access to the wallets. In the affidavit filed against the Feb. 5 bankruptcy hearing, Robertson stated that her husband was the sole director and officer at Quadrigacx and its sister companies at the time of his death.
The failure of the company to remain liquid after the CEO’s death tied into the lone wolf style of business. “To the best of my knowledge, most of the businesses of these companies was being conducted by Gerry whenever and wherever he and his computer were located,” claimed his widow.
Following the death of Cotten, Quadrigacx claimed to have lost 26,488 BTC, 11,278 BCH, 11,149 BSV, and 35,320 BTG. About 199,888 LTC and 429,966 ETH were also allegedly lost.
What do you think about the unfolding saga at Quadrigacx? Do you think Cotten faked his death? Let us know in the comments section below.
Images courtesy of Shutterstock and CBC.
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The post Quadrigacx Saga: Founder’s Widow Owns $ 5.6m Properties, Hospital Confirms Cotten’s Death appeared first on Bitcoin News.
Huawei’s chief financial officer, who was arrested in Canada at the behest of American authorities, isn’t an ordinary senior executive. She’s the daughter of the Chinese telecommunications giant’s founder.
WSJ.com: What’s News Asia
The Italian luxury brand Dolce & Gabbana apologized Friday for racist-tinged insults that touched off a growing boycott in China and left the company struggling to return its products to store shelves and e-commerce sites.
But it was unclear whether the contrition will be enough to stem the punishment…
Dolce & Gabbana is facing a major crisis in China where top e-commerce sites are dumping its products over accusations of racism.
CNN.com – RSS Channel – World
One week after Indian cryptocurrency exchange Unocoin announced the launch of its ATM, local police have reportedly seized the machine and arrested two founders of the company, including the CEO. Police say the machine was set up without approvals.
Several Items Seized
Indian police have seized a recently-installed kiosk operated by Bengaluru-based cryptocurrency exchange Unocoin, the Times of India reported on Wednesday.
The kiosk was reportedly located at Kemp Fort Mall on Old Airport Road in Bengaluru. It was launched on Oct. 15 as an automated teller machine (ATM). According to the police, the machine is “illegal as it had been set up without approvals,” the news outlet detailed, elaborating:
Central Crime Branch sleuths seized a teller machine, two laptops, a mobile, three credit cards, five debit cards, a passport, five seals of Unocoin company, a cryptocurrency device and Rs 1.8 lakh [$ 2,458].
The company’s 37-year-old co-founder, Harish B.V., was arrested on Tuesday in connection with operating the machine. Harish is being held in police custody for seven days, the publication noted, adding that “Cops said more arrests are likely.”
Then, on Thursday, the Times of India reported that another founder, CEO Sathvik Viswanath, was also arrested. “Viswanath, 32, who lives in Tumakuru, was produced before a judge at his residence and remanded in police custody for seven days. Sleuths have seized a laptop and a cellphone from him,” the publication wrote.
According to the News Minute, the Cyber Crime department of the Central Crime Branch told the media:
The ATM kiosk installed by Unocoin in Bengaluru’s Kempfort Mall has not taken any permission from the state government and is dealing in cryptocurrency outside the remit of the law.
The Bangalore Mirror quoted Alok Kumar, a commissioner with the Bengaluru City Police, elaborating, “They did not have any licence from RBI [Reserve Bank of India], Sebi [Securities and Exchange Board of India] or any other agency to carry out the bitcoin transaction.” He added that the machine was also operated without any trade license from the BBMP, a branch of the government in the Greater Bangalore metropolitan area responsible for civic amenities and some infrastructural assets.
Negative Media Reporting
On Oct. 20, before the police seized its kiosk and arrested its founders, Unocoin tweeted:
Our machine didn’t go well with few mainstream media reports who projected it under a negative light. The machine is still under final testing mode and it will be up and running in the upcoming week. The machine has been temporarily moved from its original place of installation.
The mall management became apprehensive after seeing negative media reports, a Unocoin founder told the Times of India. “The reason for panic is because of fake videos on Kannada and English channels. Due to this, our kiosk is not operational. We’ve been trying to actively get these videos pulled down,” the news outlet quoted the founder describing.
The machine was originally labeled as an ATM. However, Unocoin has since changed its description to a kiosk.
Cryptocurrency Not Illegal in India
Viswanath previously explained that “it’s perfectly legal for Indians to buy, own or sell bitcoins,” the publication conveyed and quoted him saying:
We got a lot of bad press after the finance minister announced a ban in February 2018. The minister’s statement was clear: cryptocurrencies are not legal tender in India. He did not say ‘illegal tender’. There’s a huge difference.
India’s finance minister Arun Jaitley said in his 2018-19 budget speech, “The government does not consider cryptocurrencies legal tender or coin and will take measures to eliminate [the] use of these cryptoassets in financing illegitimate activities.”
What do you think of the police seizing Unocoin’s kiosk and arresting the founders? Let us know in the comments section below.
Images courtesy of Shutterstock and Unocoin.
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The post Indian Police Seize Unocoin’s ATM, Arrest Two Founders appeared first on Bitcoin News.
For Christie Hefner, visiting the Playboy Mansion was a child’s dream.
Papa John’s, which has featured founder John Schnatter in logos and TV ads, is removing his image from its marketing materials after reports that he used a racial slur.
His face had disappeared from at least some of the materials as of Friday morning, though the company said the details and exact…
For Christie Hefner, visiting the Playboy Mansion was a child’s dream.