Business 14 March 2019Derek Tonin
QuadrigaCX CEO’s widow reveals new details about exchange’s operations
Jennifer Robertson has had a tough few months. Her husband, former QuadrigaCX CEO Gerald Cotten, unexpectedly passed away in December 2018, leaving that crypto exchange spiraling out of control with millions owed to its customers. She’s now put out a statement, explaining more of what’s happened and attempting to and build some good faith with those creditors.
She begins by announcing that Stewart McKelvey, the lawyer representing QuadrigaCX in its Companies’ Creditors Arrangement Act (CCAA) process, which would hopefully see the company restructured and its creditors paid out, has withdrawn from the case due to a potential conflict of interest. This was as a result of information they provided to the monitor, Ernst & Young, but that information has not been disclosed to Robertson.
She then reveals that while the exchange struggled in 2018, as a result of both the down market and millions frozen by Canadian banks, Cotten resorted to using his personal fortune to keep the company afloat. She says:
“While I had no direct knowledge of how Gerry operated the business, he told me that he had been putting his own money back into QCX to fund user withdrawals in 2018 while the CIBC money remained frozen. I believe Gerry had the best interests of the business in mind, and cared for his customers.”
After Cotten’s death, Robertson also admits that she continued that practice, using her own funds to keep the business going. She claims to have personally paid for the investigation, contractors, lawyers, and the CCAA process. This might have been necessary, if the company had no money of its own since before Cotten’s death, and definitely no money in its wallets currently.
Robertson has received plenty of negative attention from amateur internet sleuths since the QuadrigaCX scandal kicked off. Many have openly wondered if there might have been foul play with Cotten’s sudden death, and millions willed to Robertson shortly before their tragic Indian honeymoon.
Regardless of what allegations have been made, Robertson ends the statement by doubling down on her intentions. She says, “As this matter progresses, my intention is to continue to support the process and to ensure a fair and equitable resolution is obtained.”
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