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.

Just Posted

Giant gnome finds new home at Galey Farms in Saanich

‘Howard’, the iconic Nanoose Bay attraction, will be moved as soon as possible

Man ticketed by Oceanside RCMP after trailer flips on Highway 19

Incident caused delays to southbound traffic

Inspirational Parksville youngster Kaiden Finley dies after cancer battle

‘He was seriously the strongest 11-year-old’

Development cost charges considered to fund regional parks

DCCs to assist in funding land acquisitions and development

Parksville powerlifter qualifies for world championships

Buhler sets personal bests in both raw and equipped lifting events

VIDEO: 13-year-old killed in B.C. crash that involved five kids

The children range in age from six to 17.

UPDATE: Nanaimo ferry sailing cancelled due to docking mishap in Gibsons

Tuesday’s 8:45 p.m. sailing from Departure Bay cancelled as vessel re-deployed

MPs denounce leaked reports of Trudeau-JWR clash over Supreme Court pick

Opposition MPs called the leaks an act of desperation meant to smear Wilson-Raybould

Study says B.C.’s housing policies mean drug users can be targeted for eviction

The study involves 50 people living in Vancouver’s Downtown Eastside

VIDEO: Homicide team called in after three killed in Surrey car crash

Investigators ask public to come forward with information, dashcam video

Stranger climbs onto B.C. family’s second-floor balcony, lights fire in barbecue

Incident in Abbotsford terrifies family with two-year-old boy

UPDATED: Sailings resume after BC Ferries boat hits Langdale terminal

The Queen of Surrey is stuck on the dock, causing delays to Horseshoe Bay trips

Coroner’s inquest announced for Victoria teen’s overdose death

Elliot Eurchuk was 16 years old when he died of an opioid overdose at his Oak Bay home

Vancouver Island home to B.C.’s luckiest lotto store

Five million-dollar winners have bought tickets from same Port Alberni corner store

Most Read