One of the most popular and controversial stories within cryptocurrency of 2019 was the issue of QuadrigaCX which is in a defunct crypto exchange that went bankrupt after hundreds of millions of user funds were left in a cold wallet that only their CEO had access to, for which access was lost when the CEO passed away suddenly in 2018. They were accusations of the entire incident being an exit scam and there has been a back-and-forth between QuadrigaCX’s management, their creditors and the firm handling the liquidation and even in the midst of all of this, there are still many questions left unanswered.
On October 7, 2019, there was an announcement by Jennifer Robertson, who is the widow of the late CEO Gerald Cotten in which she stated that she would be transferring the value of most of the estate’s assets which are around $9 million to the liquidator and these funds will be used for the benefits of those affected by the bankruptcy.
Robertson’s statement was published on Coindesk and it was clarified that this move on her part is a completely voluntary one as she is seeking to help those who have been affected by the closure of QuadrigaCX and this is due to personal conviction.
“I have now entered into a voluntary settlement agreement where the vast majority of my assets and all of the Estate’s assets are being returned to QCX to benefit the Affected Users,” she stated.
The ongoing investigation not only revealed information about the inner working of QuadrigaCX as a company but also about Cotten as an individual as Robertson stated in her letters that she was disappointed to hear of some of the dealings that he had been involved in during his life.
“I was upset and disappointed with Gerry’s activities as uncovered by the investigation, when I first learned of them, and continue to be as we conclude this settlement,” she said.
Hopefully, this new development means that some recourse will be coming towards the victims and that this saga is drawing to a conclusion that will be beneficial for all.