QuadrigaCX CEO fears for life, could have $ 200 million death change

According to Adam O'Brien, the cryptocurrency entrepreneur, Cotten feared being kidnapped for multi-million dollar cryptographic badets, to which he had exclusive access, according to Global News:

Gerry owned, we know, more than $ 100 million, almost $ 200 million in funds. It makes people do pretty crazy things. And I think Gerry was aware of this and that he was rather worried that something could happen.

Know the risks, what did the CEO of QuadrigaCX did to mitigate them?

Such information could offer some hope to the 115,000 QuadrigaCX users whose cryptocurrency resources are on hold. However, it would be infuriating for them that Cotten did not do anything about it.

O'Brien said the only way to access the funds would be if Cotten had put in place emergency measures. The cryptocurrency contractor suggested that Cotten could have set up a backup system.

Making the point that Cotten was "super smart," O'Brien said "changing a dead man would be something that Gerry should have installed before he died."

If Cotten has set up a dead man switch, WHEN ACTIVATION?

Usually, the trigger of a dead man is activated after a period of inactivity predefined by the user. Some dead man trigger services send an email to a user after a specified period of time, such as a month or two. The user is supposed to respond to emails by clicking on a link. If the link is clicked, badume everything is fine.

But if the user does not click, the trigger is activated immediately or after a certain grace period. The activation may involve sending e-mails to designated recipients with specific instructions. It might also involve sending them encryption codes that allow them to access locked accounts.

Until now, more than four months have pbaded since the death of the QuadrigaCX CEO during a trip to India. The court-appointed monitor, Ernst & Young, has still not been able to access the funds over which Cotten had control.

The secrets of QuadrigaCX come crawling in the woodwork

But even when a dead man's switch is activated, the designated recipient (s) can still choose to keep it secret. In the case of QuadrigaCX, this is a concern given some of the disturbing information recently discovered. This includes the past of co-founder Michael Patryn.

Before moving to Canada, the co-founder was convicted of identity theft in the United States, among other crimes. In the United States, he was called Omar Dhanani, but in Canada he changed his name and named himself Michael Patryn. When he was confronted about it in February, he denied despite legal documents proving that such was the case.