Jennifer Robertson, the widow of QuadrigaCX CEO Gerald Cotten, has released a new statement as of March 13, 2019. Within the letter, she attempts to clarify her position on the accusations of user funds being stolen from QuadrigaCX. Given that the death of Gerald Cotten transpired under mysterious circumstances, the issue has drawn a lot of public ire and controversy.
Law Firm Steps Down from Representing QuadrigaCX
Jennifer Robertson said that the appointed law firm, Stewart McKelvey, has decided to step down from representing QuadrigaCX in the Companies’ Creditors Arrangement Act (CCAA) process. The firm said that there could have been potential conflicts of interest had it continued to serve the exchange and customers during the CCAA process.
Robertson initiated the CCAA proceedings after the untimely demise of her husband and QuadrigaCX exchange CEO Gerald Cotten. She stated that her intention was to ensure the smooth functioning of the exchange and recovery of any lost assets. In the note, she mentioned that Cotten had kept the digital exchange afloat by injecting his personal wealth into the company. This practice apparently started back in 2018, when the Canadian Imperial Bank of Commerce froze the company’s funds, resulting in a lack of liquidity.
Furthermore, Robertson claims that she even used her personal capital for the exchange’s upkeep as well. She said that she made all of her decisions with the best interests of the exchange and users in mind. The appointment of Ernst and Young to recover the lost assets was also suggested and approved by her.
$190 Million Still Missing
Gerald Cotten launched QuadrigaCX on December 26, 2013. It went on to become the leader in the Canadian digital currency exchange space. On July 12, 2018, the exchange posted that it was experiencing issues due to hostile banking regulations by the local financial regulator.
Cotten and Robertson arrived in India for their honeymoon on Nov 30, 2018. However, a week later on Dec 9, 2018, Cotten died due to Chron’s disease. His death was kept hidden for more than a month until it was revealed publicly on Jan 14, 2019.
A will dated Nov 7, 2018, surfaced, in which Cotten named Robertson the legal heir of his possessions and the exchange. Robertson chaired a meeting to promote herself, Thoman Beazley, and Jack Martel as directors to the board.
The string of events led to conspiracy theories claiming that Cotten had faked his death to steal the $190 million. Furthermore, he was the only person with access to the private keys of the company’s cold wallets. However, further digging has found that some of those wallets are already empty with the rest holding digital assets worth only a few thousand dollars.
Do you think the lost QuadrigaCX assets will ever be recovered? Let us know your thoughts in the comments below?