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Newsflash: Indian Hospital Claims QuadrigaCX CEO Died Under its Care – Will it End Suspicion?

Last Updated March 4, 2021 2:53 PM
Mark Emem
Last Updated March 4, 2021 2:53 PM

Amidst all the suspicion that has followed the sudden closure of QuadrigaCX crypto exchange and cold wallets containing $150 million being inaccessible following the death of the company’s chief executive, Gerald Cotten, a hospital in India has confirmed that the CEO died while in its care.

According to Fortis Escorts Hospital, Cotten succumbed to a heart attack on December 9 last year. The Fortis Escorts Hospital is located in Jaipur, the capital of the northern Indian state of Rajasthan.

Per the Times of India , Cotten was declared dead in the evening at 7.26 PM. Cotten had also been suffering from Crohn’s disease, an inflammatory bowel disease which can sometimes cause life-threatening complications.

QuadrigaCX CEO Lasted Less Than a Day in Hospital

According to documents availed by the hospital, Cotten was admitted to the healthcare facility on December 8. He was complaining of vomiting, watery stools and crampy abdominal pain. Additionally, he was also feeling feverish. Doctors diagnosed ‘septic shock, perforation, peritonitis, intestinal obstruction’ upon admission. Cotten was in the company of Jennifer Kathleen Margaret Robertson, his wife, when he was admitted.

The next day after being declared dead, police in Jaipur handed Robertson a no objection certificate – a document allowing the collection and transportation of a body – allowing her to fly Cotton’s body to Nova Scotia, Canada. The local municipality also issued a death certificate.

A Lot of Questions Left Unanswered by QuadrigaCX Bitcoin Exchange

Despite the best efforts of the hospital, it is not certain that this will quell speculation regarding the Canadian crypto exchange. Already, rumors have been rife on social media that Cotten faked his own death as part of an exit scam. Some of the things that are raising suspicion include the fact that more than a month passed before the exchange announced his death.

Additionally, Cotten is said to have filed a will just 12 days prior to his death. Cotton’s last will and testament is dated November 27, 2018. All his assets were left to his wife. She was also named as his estate’s executor.

On social media attention has also been drawn to the fact that the CEO’s name on the death certificate is misspelt. Rather than Cotten, it is spelt as ‘Cottan’.

QuadrigaCX CEO death certificate
QuadrigaCX CEO death certificate. Source: Twitter

A cryptocurrency researcher has also revealed that he found no evidence that QuadrigaCX had a cold wallet. As CCN.com reported the researcher analyzed transaction IDs and aggregated wallet addresses to draw the conclusion.

This comes as a court in Nova Scotia granted the cryptocurrency exchange a 30-day stay. Consequently this will effectively prevent any lawsuits from being filed against the bitcoin firm. According to the exchange, the move will ‘to allow us the opportunity to resolve outstanding financial issues that have affected our ability to serve our customers’.

Ernst & Young to Monitor QuadrigaCX Proceedings

Big four accounting firm Ernst & Young was picked to oversee the proceedings, according to a statement  released by the exchange:

With this filing, the Court has appointed a monitor, Ernst & Young Inc., an independent third party to oversee these proceedings as we make every effort to address our customer obligations. Filing for creditor protection allows us to work diligently through the process, and to try ensure the viability of our company.