When QCX-INT couldn't locate the cold wallets, it dawned on him that the money was gone. "Just some very, very shady, strange activity."
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There was just a series of hot wallets, and in turn those hot wallets seemed to be replenished with funds from other exchanges, which again is weird," he said. "The difference Quadriga was you couldn't really find any cold wallets. "You would normally be able to see a pattern of deposits being swept to hot wallets, then hot wallets to cold wallets," he said.
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In the days after Cotten's death was announced, QCX-INT noticed inconsistencies between what Quadriga was saying about losing the passcodes to the cold wallet reserves - where the bulk of the crypto assets are stored offline for security reasons - and what he and other traders actually saw on the blockchain. That meant tracking the volatile prices of the digital currency on exchanges around the world in order to buy low, sell high and turn a profit.
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A software developer by day, he traded big on bitcoin using a practice called arbitrage. "Many people did."ĬBC has agreed not to identify QCX-INT, because he fears for his family's safety. "For someone age, a relatively young guy, to suddenly drop dead, you know, holding the keys to tens of millions of dollars, I think is a shock to most people," said QCX-INT.
Internet sleuths scoured the blockchain - the public ledger that tracks cryptocurrency transactions - looking for patterns that would lead them to their funds. Salkeld knew both Cotten and his business partner, Michael Patryn, personally, and watched the drama unfold on social media and in news reports. "It was definitely a case of, 'Really? Are you sure, guys?'" "A collective gasp is a good description," said Alex Salkeld, a bitcoin enthusiast from Vancouver. She made this startling admission in an affidavit filed in court, and it led to chaos and confusion online. She said her husband was the only person who had the passcodes - that is, access to more than a quarter of a billion dollars of his customers' money. It took more than a month for QuadrigaCX to publicly announce Cotten's death - and then another two weeks for Jennifer Robertson to admit the customer funds were inaccessible. It was business as usual, with the exchange continuing to accept customer funds. In the weeks following Cotten's trip to India, the company kept the death a secret. Cotten's body was then transported - although it is unclear how - to another facility that accepted the corpse for embalming. According to reports, a doctor was asked to embalm the body, but refused because the request had come from a hotel employee, not the hospital.
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The announcement followed news that Gerald Cotten, the company's 30-year-old CEO, had reportedly died under peculiar circumstances the month before, while on his honeymoon in India. It was the end of January 2019, and QuadrigaCX had just filed for creditor protection in the Supreme Court of Nova Scotia. "Dread that fills you with horror." That's how a customer named QCX-INT described his reaction to the collapse two years ago of QuadrigaCX, Canada's largest cryptocurrency exchange, where he had upwards of six figures in cash tied up.
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