Cryptocurrency exchange CEO who suddenly died leaves Kelowna house in will

Gerald Cotten, holding the keys to money tied up in his virtual currency exchange, died in December.

  • Feb. 22, 2019 6:20 a.m.

Kelowna has a connection to the QuadrigaCX CEO who died, leaving an estimated $250 million in cryptocurrency on his laptop and countless investors out of pocket.

A home in an Upper Mission subdivision is among the possessions listed in Gerald Cotten’s will.

The neighbourhood was pretty quiet Thursday, but one person at home said it’s been empty for months.

Just a couple of tracks in the snow lead to the front door and back downt the driveway.

The home that’s valued at $1.3 million on B.C. Assessment appears to be Cotten’s only Kelowna holding and was left to his wife.

READ ALSO: BC CRYPTOCURRENCY EXCHANGE GETS COURT ORDER

An estimated 115,000 QuadrigaCX customers are owed about $70 million in cash and $190 million in Bitcoin and other cryptocurrencies.

The Vancouver-based exchange was shut down Jan. 28, more than a month after its CEO and sole director — Nova Scotia resident Cotten — died while travelling in India, leaving his company without access to much of its cryptocurrency.

His widow, Jennifer Robertson, has said in court documents that Cotten was the only person with access to his laptop, which is thought to contain the digital keys to the cold wallets.

Cold wallets are offline storage devices protected by encryption technology. Cryptocurrency exchanges typically use them to store the bulk of their digital assets, which puts them beyond the reach of online hackers.

Hot wallets are online sites that store smaller amounts of cryptocurrencies, making them readily available for trading — a practice akin to using a currency float in a cash register.

More to come.

To report a typo, email:
newstips@kelownacapnews.com
.


@KelownaNewsKat
kmichaels@kelownacapnews.com

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

Nanaimo-Ladysmith school district considers COVID-19 lessons in planning for fall

Elementary, secondary school committees formed to plan for next school year

Infringing festival finds a way to dance during pandemic

Crimson Coast Dance Society holding drive-in, micro and physically distanced events July 10-19

Nanaimo RCMP arrest four, seize drugs and $19K in “problem house” search

Home was subject of numerous complaints of drug trafficking, theft and disturbances

Car drives into utility pole in Nanaimo

Woman driving car reportedly not seriously injured

Police issue warning after baby comes across suspected drugs in Kamloops park

The 11-month-old girl’s mother posted photos on social media showing a small plastic bag containing a purple substance

Collision results in train derailment just east of Golden

The derailment occurred Sunday night, according to a statement from CP

Lower Mainland woman says llama farming neighbour shot her 11-month-old pup

Young dog was on owner’s Maple Ridge property when it was killed on June 21

B.C. records 31 new cases, six deaths over three days due to COVID-19

There are 166 active cases in B.C., 16 people in hospital

B.C. highway widening job reduced, costs still up $61 million

Union-only project scales back work to widen Trans-Canada

Greater Victoria nanny pleads guilty to child porn, sexual interference charges

Johnathon Lee Robichaud pleaded guilty to slew of sex crimes

Most Read