The British Columbia Securities Commission said Thursday that it had no knowledge of the exchange's activities and "does not now have any indication that Quadriga CX, the crypto asset trading platform, was trading in securities or derivatives or operated as a marketplace or exchange under British Columbia securities laws".
Over $137 million worth of Quadriga digital currencies had been frozen in the User Accounts, following the death of its founder, Gerald Cotten, a Canadian national, the only person who had access in to the wallet. According to a Reuters report, the controversial exchange has had no regulatory approval from Canadian securities watchdog for functioning as a crypto exchange.
[BCSC] does not now have any indication that Quadriga CX, the crypto asset trading platform, was trading in securities or derivatives or operated as a marketplace or exchange under British Columbia securities laws.
According to CBC, the court has ordered the encrypted laptop be handed over to lawyers representing the creditors before they in turn hand it to a court-appointed monitor.
It seems that Cotten did all of the business operations from an encrypted laptop that none in the firm, including Cotten's wife, had access to. 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.
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The crypto community, in general, is treating Cotten's death with skepticism.
Robertson, in an affidavit filed January 31, said she was not involved in the business, and she insisted Cotten - as QuadrigaCX's CEO and sole director - was the only person with access to the private digital keys.
The young Canadian man was already close to death when he was admitted to a hospital in the Indian city of Jaipur in early December.
Sometime around that time Gerald William Cotten apparently came to India. He was complaining of vomiting, watery stools and crampy abdominal pain. In the hours that followed doctors tried in vain to save him from a raging fever, septic shock and a perforated intestine.
The next day after being declared dead, police in Jaipur handed Robertson a no objection certificate - a document allowing the collection and transportation of a body - allowing her to fly Cotton's body to Nova Scotia, Canada. In a Facebook post on December 4, the crypto exchange said that certain funds that were held because of its legal problems were being released. Cryptocurrencies credited to a user on the exchange were held by Quadriga in either a hot wallet, i.e., one connected to the internet, or cold wallet, i.e., a separate physical device not connected to the internet. As per the reports from Cointelegraph, this made CBIC to 'pass the funds over to the Accountant of the Superior Court in order to identify the owner of the money'.