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

Just Posted

‘A time of transition:’ CHN looking to release next steps of state of emergency this week

State of local emergency is in effect; Gaagwiis says CHN developing indicators to guide next steps

Skeena-Bulkley Valley MP Taylor Bachrach urges feds to compensate airline passengers

Letter to transport minister touches on Northwest B.C. tourism operators impacted by COVID-19

Two new bridges to be built along Highway 16 between Port Clements, Tlell

Ministry of Transportation says $5.4-million project expected to be complete in fall 2020

‘Now Is the Time’ doc will start streaming on National Indigenous Peoples Day

Film featuring Haida carver Robert Davidson will launch June 21 for free on NFB website

Haida Gwaii couple frustrated after Air Canada cancels flight, denies compensation

Mike Racz says another passenger received $1,000 while he was only offered e-coupon and promo code

VIDEO: Green Coast offers free kayaking to Haida Gwaii residents

First “pop-up paddle” held Monday, May 25; free community paddles expected to continue weekly

George Floyd asphyxiated by sustained pressure: family autopsy

Death sparked a wave of protests across the U.S. and abroad

COVID-19: B.C. commercial landlords can’t evict if they decline rent assistance

Emergency order ‘incentive’ for federal program, Carole James says

Investigators probe death of CN employee at Surrey rail yard

Transportation Safety Board is investigating an ‘occurrence that took place during switching operations’

Trans Mountain starts B.C. leg of pipeline twinning project

Mostly finished in Alberta, Burnaby terminal expanding

Introducing the West Coast Traveller: A voyage of the mind

Top armchair travel content for Alaska, Yukon, BC, Alberta, Washington, Oregon and California!

NDP getting COVID-19 wage subsidy ‘indirectly,’ B.C. Liberal leader says

Andrew Wilkinson says he’s heard no concerns from public

Love flourishes at Peace Arch Park, but COVID-19 concerns loom

South Surrey park becomes only place for international couples to meet

Most Read