QuadrigaCX CEO's Was Afraid of Being Kidnapped, May Have Set Up ‘Dead Mans Switch'

QuadrigaCX CEO Apparently Feated For His Life Former Colleague Says

The QuadrigaCX controversy seems not to have an end. This time, a former colleague and friends, said that the CEO of the platform, Gerald Cotten, feared for his life due to the large number of funds he exclusively controlled. The information was released by Global News on April 19.

QuadrigaCX CEO Feared For His Life

As per the colleague, Cotten mused to him about being kidnapped due to the large fortune controlled. Adam O’Brien explained that it was difficult to know how seriously Cotten’s references were. O’Brien is the owner of a cryptocurrency business.

On the matter, O’Brien commented:

“Gerry was holding, we know, over $100 million, almost $200 million dollars in funds. That makes people do some pretty crazy things. And I think Gerry was aware of that, and I think he was kind of worried that something might happen.”

At the moment, the funds that people held in the QuadrigaCX exchange are locked and cannot be recovered. Mr. Cotten, who passed away back in December 2018, was the only person that knew the private keys of the wallets where the funds were stored.

O’Brien mentioned that he was shocked about Cotten’s death and that he doesn’t believe in conspiracy theories that suggest that Mr. Cotten faked his death. At the same time, he mentioned that he does not believe that customers will recover their funds.

As O’Brien explains, it will be good for Bitcoin and the industry to have one leg up in a dead man’s switch. A dead man’s switch would allow the funds to be moved to another address if the users do not enter their wallets for a specified amount of time. At the same time, the switch activates by itself and it sends the encryption codes to someone that the user designates before.

At the moment, there is an ongoing investigation related to the funds lost by QuadrigaCX. Nonetheless, there is no information about the funds lost.

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Carl T
Carl T
Carl is a legend in cryptocurrency space for his long-storied experience, history and insights. He is a digital nomad who fell in love with bitcoin and its offspring for many years now and prides himself on delivering quality perspectives in the emerging world of crypto-assets and blockchain technology.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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