Need a break from the frustrating crypto market? Then take a seat, grab some popcorn and get ready for some crypto drama. Recently, Gerard Cotten, the CEO of Canadian crypto exchange QuadrigaCX passed away. In the event, he forgot to leave copies of the exchange’s platform’s cold-storage access. As a result, the company and all its users lost millions of dollars. However, the story does not end there.
DID QUADRIGA CEO FAKE HIS OWN DEATH?
In a recent report by Bloomberg, apparently, Gerard Cotten did file a will just days before his passing in India. Signed on November 27, 2018, the document states that Cotten’s wife, Jennifer Robertson would receive all assets after his death. Two weeks later, the Quadriga CEO passed away in an area called Jaipur, India. Oddly enough, this area is well known for “Fake Death Certificate Mafias.”
QUADRIGA CEO FRAMED FOR EXIT SCAM BY COMMUNITY
At first, everyone mourned the death of the Quadriga’s CEO and more importantly, the loss of $145 million in the crypto industry. But with this news developing, many are starting to wonder if he did not die at all but instead, pulled an elaborate exit scam. According to reports, Quadriga owes its users over than $53 million that was trapped in cold storage. Those affected are reportedly taking legal action against the exchange.
QUADRIGA CEO EXIT SCAM; HOW TO AVOID
You’re probably thinking this crazy story would never happen to you. Well, living life that way is never a good idea. Instead, it’s better to stay ahead of the game and prepared. So make sure you never leave your assets in exchange. Use an external wallet or even better, a hardware wallet. If you really need cash, you shouldn’t be selling your crypto anyway. Utilize lending platforms like YouHodler that give you fiat loans using your crypto as collateral. Don’t sell your crypto on exchanges unless you really need to. Just keep HODLing and stay safe out there.