Details emerging about Gerald Cotten, the young founder of QuadrigaCX

QuadrigaCX granted creditor protection while it searches for $250M in cryptocurrency More

According to a Vancouver Sun report, the will specifically states that his wife Robertson was authorised to access his digital assets and "obtain, access, modify, delete and control (his) passwords and other electronic credentials".

A motion for the appointment of representative counsel for the affected users of QuadrigaCX will be heard in the Supreme Court of Nova Scotia at 9:30 on Thursday, February 14.

With the news that BCSC will not intervene in the matter, the platform's users will have to keep on waiting for a chance to commence legal action, as a judge on Tuesday provided a temporary reprieve for the company with a 30 day stay on claims from creditors and potential lawsuits.

Gerald William Cotten is now dead and apparently he has taken to his grave passwords that would grant access to around $200-250 million worth of cryptocurrency that may never again be recovered.

There was also a plan in place to provide $100,000 to Cotten's in-laws to help them cover the costs of caring for the couple's pet Chihuahuas, Nitro and Gully. In a will that Cotten filed about 12 days before he died, he decided that the only beneficiary and executor for his estate was to be his wife, Jennifer Robertson.

"We believe in the future of cryptocurrency, however we think that incidents like this hurt the growth and adoption", Adam Goldman, President and Founder of cryptocurrency exchange Bitbuy, told Yahoo Finance Canada. The cause of death is not listed. At the time of admission, Cotten was diagnosed to be suffering from septic shock and other serious issues relating to his exacerbated condition.

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The company revealed that Cotten had unexpectedly died on December 9, 2018, of complications arising from Crohn's Disease while he was traveling in India. Additionally, he was also feeling feverish.

Some industry insiders have said provincial and federal officials should move quickly to do something about a business that is largely unregulated and has no independent oversight. The alert said a platform may call itself an "exchange", but it may not be selling or trading securities or derivatives and, if such is the case, it will generally not be subject to regulation under securities or derivatives laws.

The B.C. Securities Commission issued a statement Thursday saying it has been aware of QuadrigaCX's operations since 2017.

Canadian Securities Administrators are urging Canadians to be cautious about investing in trading platforms through its awareness campaign.

Cotton was heavily involved in the news surrounding QuadrigaCX exchange, who are unable to pay back over $190 million in customer funds due to the fact that Cotton was the only person with access to the funds.

Right now, Canadian securities regulators have not recognized any cryptocurrency exchanges as a marketplace.

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