Jennifer Robertson, the widow of Gerald Cotten, founder of QuadrigaCX, a Canadian cryptocurrency exchange, intends to help refund clients who were affected by QuadrigaCX’s closure. Robertson has agreed to hand over the contents of Cotten’s estate and a majority of her assets as part of the settlement to clients, reports Cbc on October 7, 2019.
Jennifer Robertson to Help Refund Customers of QuadrigaCX
Per the report, Jennifer Robertson has agreed to release assets that will help to refund 76,319 customers who are still being owed $214.6 million by QuadrigaCX. To that effect, Robertson will handover all the contents of Cotten’s estate as well as a majority of her assets. These assets will be used as part of the settlement to QuadrigaCX’s customers.
In a statement released by Richard Niedermayer, Roberton’s lawyer, the widow remarked that she had no direct knowledge of how Cotten conducted business on the exchange, before his demise. Roberton also claimed that she was unaware of her late husband’s trading activities and “his appropriation of the Affected User’s funds.”
Robertson Says She Was Disappointed with Cotten’s Dealings
Furthermore, Cotten’s widow said she was upset and disappointed with the findings that were revealed during the court case, and she still is now that the settlement is coming to a closure. Nonetheless, she declined to make further comments stating that her decision is a fair and equitable resolution to affected customers.
“I have agreed to return to QCX assets that I had previously thought were purchased with Gerry’s legitimately earned profits, salary and dividends,” Robertson said.
QuadrigaCX Claims Inability to Restitute is Due to Cotten’s Demise
On the other hand, QuadrigaCX is a Canadian cryptocurrency exchange that has been battling court cases for over a year now. Early this year, the exchange claimed that the death of Gerald Cotten in December 2018, made it difficult to pay back customers. Specifically, only Cotten had access to private keys that can be used to access the cold store wallets, where the exchange’s crypto assets are stored.
Despite these claims, findings made by Ernst & Young (EY), an investigator put in charge by the court to look into QuadrigaCX, revealed that these cold storage wallets are empty. The investigator also publicized that Gerald Cotten had created fake accounts on QuadrigaCX and funded these accounts with non-existent fiat, which was used to buy crypto assets from users of his exchange.
Ernest & Young also revealed that the affluent lifestyle of the late CEO and his wife were sourced using customer funds. According to EY, the duo had acquired gold and silver coins, luxury vehicles, a boat, an aircraft, amongst other luxurious items.