Gerald Cotten died while he was travelling in India. He was the only one who had the access to over $200 million locked in his crypto exchange QuadrigaCX which he took to the grave, losing investors’ money.
Last Thursday, Netflix announced a documentary, titled TRUST NO ONE: THE HUNT FOR THE CRYPTO KING, on the death of Gerald Cotten, founder, and CEO of the defunct Canadian crypto exchange QuadrigaCX.
It will premiere in 2022.
The Documentary May Explore Conspiracy Theories
The synopsis reads that the documentary will “Follow a group of investors turned sleuths as they try to unlock the suspicious death of cryptocurrency multimillionaire Gerry Cotten and the missing $250 million they believe he stole from them.”
Cotten passed away in December 2018 due to Crohn’s Disease while he was travelling in India.
He was the only one with access to millions of funds locked in QuadrigaCX by investors. All the funds went missing as he took them to the grave.
This bizarre fact gave rise to many conspiracy theories. Many individuals believe that he may have faked his death and robbed people of their money.
Not much is known about the documentary. But, the trailer offers a glimpse showing a man undergoing plastic surgery and a marina with yachts.
QuadrigaCX Bankruptcy and Recovery of Funds
The exchange had filed for bankruptcy on April 15, 2019. It owed $214 million in fiat and crypto combined to its 76000 users of which only $33 million were recovered.
Auditing firm Ernst & Young’s Fifth Monitor report, during the investigation, revealed that even before his death, Cotten had begun siphoning off customers’ money.
It is always recommended to read the terms and conditions whenever you are dealing with/in any financial instrument. A significant chunk of mainstream crypto exchanges is custodial in nature, which means the exchange has custody of users’ assets and funds.
So, a user is advised to keep regular track of funds. In the case of long-term investment, it is better to keep the funds in a private crypto wallet.
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