QuadrigaCX: British Columbia’s Regulator Reportedly Didn’t Have Oversight Over the Exchange

$145M Locked Away After Crypto Exchange Boss Mysteriously Dies

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"As such, BCSC does not regulate it", spokesman Brian Kladko said in an email.

The company is known to store many digital currencies in offline accounts called "cold wallets" and Cotten was the only one who had the password to these accounts, reported CNN Business. According to a Reuters report, the controversial exchange has had no regulatory approval from Canadian securities watchdog for functioning as a crypto exchange. The agency said QuadrigaCX was not subject to regulation because it did not operate as a marketplace or exchange under B.C. securities laws.

Those looking for recourse can not turn to the courts just yet.

In a statement shared with CoinDesk on Thursday, Fortis Escorts said that Cotten was admitted to the hospital on December 8, 2018 at 9:45 p.m. IST (16:15 UTC) and died of cardiac arrest at around 7:26 p.m. IST (13:56 UTC) on December 9, 2018. The firm declared that they couldn't access the funds because they were kept in cold storage on Cotten's laptop to which he had the sole access. Reportedly, QuadrigaCX could not access or locate the cold wallets and/or the wallets had minimum cryptocurrency units.

According to court documents, Cotten's will was filed on 27 November 2018 - 12 days before his death. But if Quadriga had adopted even rudimentary compliance protocols for the handling and transfer of its digital assets, the whole fiasco after Cotten's death and the missing millions would likely have been avoided.

CoinDesk, a respected news website that covers all things cryptocurrency, claims to have accessed Gerald William Cotten's death certificate issued by the Rajasthan government.

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

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The article also detailed Cotten allegedly was dealing with a legal battle with the Canadian Imperial Bank of Commerce (CIBC) when his death occurred. He was complaining of vomiting, watery stools and crampy abdominal pain.

He is also said to have been an advisor for Crypto Consortium and served as a Director of the Vancouver Bitcoin Co- Op. Cotton was diagnosed at the hospital with a case of septic shock, perforation peritonitis, and intestinal obstruction. Cotten was in the company of Jennifer Kathleen Margaret Robertson, his wife, when he was admitted.

He confirmed that the police gave an NOC to his wife to take back his body to Nova Scotia in Canada in December.

Despite the best efforts of the hospital, it is not certain that this will quell speculation regarding the Canadian crypto exchange.

A cryptocurrency analyst, James Edwards, reportedly reviewed the publically available transactions of the exchange, and found no evidence that the exchange is controlled any of the wallets it claimed to.

Earlier a year ago, Quadriga was experiencing difficulties accessing CA$21.6m of its funds, when the Canadian Imperial Bank of Commerce (CIBC) froze five accounts belonging to the exchange's payment processor, Costodian Inc., and its owner, Jose Reyes.

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