Indian Hospital Issues Details About QuadrigaCX CEO’s Death

Fortis Escorts, an Indian hospital has confirmed the death of Canadian crypto exchange QuadrigaCX founder Gerald Cotten. According to Times Of India, on Thursday, Fortis Escorts stated that Cotten was admitted to the hospital on Dec. 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 Dec. 9, 2018. Cotten had also been undergoing from Crohn’s disease, an incendiary bowel syndrome which can seldom create life-threatening complexities.

According to reports released by the hospital, Cotten was admitted on December 8. He was complaining of vomiting, watery stools, and abdominal pain. He also had a fever. Doctors diagnosed ‘septic shock, break, peritonitis, internal obstruction’ after admittance. Cotten was accompanied by his wife Jennifer Kathleen Margaret Robertson when he was admitted.

The statement from the hospital says

On 9th December 2018, the patient suffered a cardiac arrest but was revived by CPR [cardiopulmonary resuscitation]. The patient heart condition continued to deteriorate and the patient suffered a second cardiac arrest at 6:30 p.m. [13:00 UTC]

The next day after being announced dead, Jaipur police gave Cotten’s wife a no objection certificate and allowed her to collect Cotten’s body. The local municipality also published a death certificate.

ERNST & YOUNG To Monitor Further Proceedings

In an affidavit filed Jan. 31 with the Nova Scotia Supreme Court, Jennifer Robertson, wife of QuadrigaCX founder Gerald Cotten, stated the exchange owes its clients approximately 250 million CAD (US$190 million) in both cryptocurrency and fiat.

With this filing, the Court has designated a monitor, Ernst & Young Inc., a self-governing third party to supervise proceedings as the company will try to make an attempt to resolve its customer debts. The company also stated that it has enabled them to operate diligently through the process and to try to assure the viability of the company.

The company stated

We are in the early stages of a long process and we do not have all the answers right now. What we can tell you is that the CCAA process will allow QuadrigaCX to keep all options open to attempt to maximize the funds available for the company’s stakeholders. We will provide further updates to the extent possible.

QuadrigaCX states that it owes approximately 115,000 people some C$190 million in both fiat and crypto. These 115,000 clients are the members of a wider group of nearly 300,000 private accounts built, though it seems that the balance doesn’t currently save any stocks on the exchange.

Cotten reportedly transferred all of his business transactions out of an encrypted laptop, which his wife has been powerless to obtain access to. While an infosec consultant has been appointed to analyze and hack into the laptop, this specialist has so far been unsuccessful. During the argument in court Tuesday, Quadriga lawyer Maurice Chiasson, an associate with law company Stewart McKelvey, asked whether EY – the monitor designated to supervise Quadriga’s efforts – might be ready to aid in determining a banking partner to support the drafts. It is unclear whether this is an opportunity.

Disclaimer: This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The crypto market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.

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