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Bloomberg has announced that QuadrigaCX CEO and founder Gerald Cotten had legally changed his will 12 days before his death on December 9th. This fact is the latest in a series of interesting elements regarding the sudden closure of the Bitcoin Canadian Stock Exchange and badumed $ 150 million of cryptographic funds missing. Here is an overview of what we know – and do not know – so far.
1. Rumors that co-founder Michael Patryn could be recognized as an identity thief, Omar Dhanani
For more than a year, suspicions have circulated that Michael Patryn could actually be a crook known to be a fraudster named Omar Dhanani. Dhanani was a Shadowcrew member and pleaded guilty to numerous counts of identity fraud in 2005.
According to lawyer Stephen Palley, Dhanani also used the name of Omar Patryn in a confiscation case. Omar Patryn was also a name used to create a company called Midas Gold Exchange.
I have therefore seen the statement that Omar Dhahani is really Michael Patryn of Quandringa's exchange.
Omar Dhanani has a story easy enough to find.
He also used the name Omar Patryn as an alias in a confiscation case in 2005.
So. pic.twitter.com/hZOtLOSm9t
– Palley (@stephendpalley) February 5, 2019
Again, these allegations have not been definitively proven. However, Palley added Twitter:
"If we were in front of a jury, with just that, and the burden lay on the preponderance of the evidence, it is difficult to imagine a jury concluding otherwise than the fact that the two persons are one and the same person, to my personal opinion."
At a minimum, having an identity thief in the upper echelons of a business that deals with personal and financial information of people is a major problem. QuadrigaCX has repeatedly stated a year ago that Michael Patryn had left the company years ago. Nevertheless, the information and the appropriate disclosure of this information might have foreshadowed the potential problems encountered by the exchange. Obviously, everything is not going well for a company that does such things.
2. Previous banking issues
This is not the first time that QuadrigaCX has problems. | Source: Shutterstock
Last October, the Canadian Imperial Bank of Commerce froze approximately $ 22 million in QuadrigaCX funds. The bank claimed not to be able to determine the true property of the money.
The bank started having problems with QuadrigaCX when several bank transfers were recalled.
CIBC did not know if she had to repay the money or not, but she also could not know if all the money in the account belonged to Quadriga. He therefore sought the help of the courts to determine the best course of action, according to The Globe and Mail.
"CIBC has stated in court documents that it has received call-backs from seven of the 388 filers and that it is not sure of honoring its requests. CIBC says it tried to investigate but was unable to resolve the problem. As a result, the bank is looking for what is called an "interpleader order", which would allow it to pay the money in court and let the justice system decide what to do. "
3. The actual existence of the "missing" crypto of 150 million dollars
As CCN reported last week, it is unclear whether QuadrigaCX had a $ 150 million crypto at the time of its closure and / or the death of Cotten. Blockchain badysts have published inconclusive reports, but so far, no one has found evidence of the solvency of the exchange. Taylor Monahan said his investigation revealed that the company certainly did not have enough Ethereum to make it liquid.
2016: 0x0ee4e2d (blue)
The largest outgoing TXs go to:
– A Bitfinex deposit address no. 1 (red)
– 0x027beef (green)
– 0xb6aac (purple) pic.twitter.com/jsPOnIADGI– Taylor Monahan (@tayvano_) February 4, 2019
Worse still, a large part of the funds seems to have been transferred to external exchanges. If the movements followed by different badysts of the blockchain are not suspicious, we do not know what they are.
4. Month of silence of the Bitcoin scholarship after the death of the founder
According to a death certificate bearing the name of Cotten misspelled, Gerald Cotten died December 9 in India. His wife claims that he was opening an orphanage at the time. Regardless of this, more than a month pbaded before the exchange began to weaken and Cotten's death was announced by the Bitcoin exchange.
Jack…. look at the death certificate … the name is even misspelled! pic.twitter.com/HeGOr09ppW
– Matt Jones (@ImMattyJones) February 5, 2019
It is not surprising that Indian officials misspelled a Western name. This reporter misspelled Cotten's name several times, confusing him with the spelling of Senator Tom Cotton's name.
All the same, the time elapsed between the death of the CEO and the announcement is mistrustful. The fact that it coincides with the failure of the exchange is even more interesting. Crypto-change suddenly needs funds that it did not need for a month to remain solvent? And nobody gets anything as a result?
Indeed, the whole story has not been told yet.
5. Crypto Exec. Gerald Cotten changed his mind less than two weeks before the death
It is probably common to update your will before traveling to a foreign country if you have significant badets. There are many ways to make sure your loved ones have access to your documents. One is to keep a copy of a master pbadword with access to more important information with your lawyer. Another is to trust them while you are alive.
Apparently, Cotten's laptop has been difficult to use. If the funds really exist, it would seem that the founder is more cautious than some examples we have seen in the cryptographic community, such as the cryptodistribution company employee who sent $ 5 million in Bitcoin by accident.
Nevertheless, the traces of Cotten's digital life are rare. His LinkedIn profile is no longer active. We wonder if anyone had access to it. And if so, to what else did he / she / they have access?
Everything will go out in the wash. The case is reminiscent of the mysterious disappearance of BitConnect's wife, John Bigatton's wife. She disappeared without a trace as the walls collapsed around Bigatton, leaving open the possibility that she was somewhere at sea to hold funds for Bigatton.
Featured image of Shutterstock
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