{"id":239473,"date":"2019-10-08T07:38:34","date_gmt":"2019-10-08T11:38:34","guid":{"rendered":"http:\/\/insidebitcoins.com\/?p=239473"},"modified":"2019-10-08T07:38:34","modified_gmt":"2019-10-08T11:38:34","slug":"gerald-cottens-widow-forfeits-9-million-to-affected-quadrigacx-users","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/gerald-cottens-widow-forfeits-9-million-to-affected-quadrigacx-users","title":{"rendered":"Gerald Cotten\u2019s Widow Forfeits $9 Million to Affected QuadrigaCX Users"},"content":{"rendered":"

There\u2019s hardly every week that some new development doesn\u2019t come out concerning QuadrigaCX, the infamous Canadian crypto exchange, which owes about $150 million in customer funds.<\/span><\/p>\n

On October 7, 2019, Jennifer Robertson, the widow of QuadrigaCX\u2019s deceased founder and chief executive Gerald Cotten, announced in a <\/span>personal statement<\/span><\/a>\u00a0that she would be handing over up to $9 million in assets to users of the crypto exchange.\u00a0<\/span><\/p>\n

A chance at atonement<\/span><\/h2>\n

In her statement, Robertson claimed that the $9 million, which comprised of a vast majority of Cotten\u2019s estate, will be transferred to QuadrigaCX<\/a>\u2019s auditors, Ernst & Young (EY) Canada.\u00a0<\/span>The company was selected by a court in Nova Scotia to act as the exchange\u2019s bankruptcy trustee during its insolvency hearings. Cotten\u2019s widow has now agreed to the terms of the transfer in an attempt to placate affected users.<\/span><\/p>\n

\u201cI have now entered into a voluntary settlement agreement where the vast majority of my assets and all of the Estate\u2019s assets are being returned to QCX to benefit the Affected Users,\u201d her statement reads.\u00a0<\/span><\/p>\n

As for her reasons for doing this, Robertson hinted that it was in a bid to atone for the misdemeanors of her deceased husband her statement claimed that she believed all of the assets had been purchased with profits, dividends, and salaries that Cotten had earned legitimately.<\/span><\/p>\n

She added, <\/span><\/p>\n

\u201cI was upset and disappointed with Gerry\u2019s activities as uncovered by the investigation, when I first learned of them, and continue to be as we conclude this settlement.\u201d<\/div><\/div>\n

QuadrigaCX<\/a> might not exist anymore on paper, but the death of its founder has brought up some rather bleak details about the exchange and how it operated. However, the elephant in the room remains the millions of dollars in customer funds that have now been trapped in the exchange\u2019s cold wallets because the now-deceased Cotten was the only one with the access keys.<\/span><\/p>\n