Canada securities watchdog says crypto firm Quadriga beyond its purview

Cryptocurrency CEO Dies Leaving Rs 1000 Crore of Virtual Currency in Lurch Several Passwords Buried With His Grave

Quadriga CX had announced mid-January that Cotten died of complications from Crohn's disease on December 9 while volunteering at an orphanage in India. The client claims to be owed about $560,000 from Quadriga - "one of the largest individual affected users" - according to the affidavit filed in a Halifax court on February 5.

"As such, BCSC does not regulate it", spokesman Brian Kladko said in an email. He was 30. The couple, who lived in the Halifax suburb of Fall River in Nova Scotia, didn't have any children.

"We are now working with IIROC to develop an appropriate regulatory framework for platforms trading crypto-assets that are securities/derivatives", CSA told Yahoo Finance Canada.

The troubled exchange says that Cotten was the only person who had access to the cold wallets and thus had sole custody of the recovery code and passwords.

"The BCSC. (has) been urging investors to exercise caution with regard to crypto-assets", the agency said Thursday.

Cryptocurrency exchange QuadrigaCX has recently been granted creditor protection by the Nova Scotia Supreme court judge Michael Wood - but questions are being asked whether the firm ever had the $145 million it owes its users?

One of the top Reddit threads within the QuadrigaCX community is about whether somebody is "interested in getting someone on the ground in India to investigate Gerry's death". He left all his assets to his wife, Jennifer Robertson, and made her the executor to his estate, the documents show.

Fortis Escorts hospital in Jaipur issued a statement Thursday confirming that Cotten was admitted on December 8, 2018, at 9:45 p.m. and died from a cardiac arrest at 7:26 p.m. the next night, according to CoinDesk, an online publication that tracks the cryptocurrency industry. The Fortis Escorts Hospital is located in Jaipur, the capital of the northern Indian state of Rajasthan. Cotton had complained of watery stools, vomiting, cramps and abdominal pain.

The next day after being declared dead, police in Jaipur handed Robertson a no objection certificate - a document allowing the collection and transportation of a body - allowing her to fly Cotton's body to Nova Scotia, Canada.

An analyst h as claimed that the "missing" funds from embattled Canadian crypto exchange QuadrigaCX may not be stuck in a cold wallet but missing altogether. He also said that the hot wallet used for daily transactions had the largest balance.

Earlier previous year, Quadriga was experiencing difficulties accessing CA$21.6m of its funds, when the Canadian Imperial Bank of Commerce (CIBC) froze five accounts belonging to the exchange's payment processor, Costodian Inc., and its owner, Jose Reyes.



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