According to Adam O’ Brien, a former colleague and friend of the late QuadrigaCX CEO Gerald Cotton, customers are unlikely to recover their funds locked inside the exchange’s cold-storage crypto wallets, reports Global News, April 19, 2019.
Cotton Was “Kind of Worried” that Something Might Happen
It could be safely said that no story in the ever-surprising crypto sector could rival that of the now defunct Canadian exchange QuadrigaCX.
The eccentric incident came to light on February 4, 2019, when the Vancouver-based exchange declared that they are no longer able to access $250 million worth of crypto-assets stored in a cold-wallet only accessible by their late CEO.
The death of QuadrigaCX’s CEO was itself a matter of much controversy which was plagued with exit scam accusations levied against the exchange. Later, however, it was confirmed that Cotten had indeed passed away in a hospital in Jaipur, India, succumbing to Crohn’s disease.
Now, while speaking about his relationship with the late CEO, Adam O’ Brien, one of Cotten’s closest friends, has revealed that he was always “kind of worried” that something might happen to him. O’ Brien told Global News that it was quite difficult to know how seriously to take Cotten’s seemingly cryptic references.
“Gerry was holding, we know, over $100 million, almost $200 million dollars in funds. That makes people do some pretty crazy things. And I think Gerry was aware of that, and I think he was kind of worried that something might happen.”
He added that Cotten was a “great dude” and enjoyed strong respect among his peers. He was very well liked by all his friends and was a really genuine and smart person. O’Brien also dismissed all conspiracy theories surrounding Cotten, saying he doesn’t believe that he faked his death.
Customers Unlikely to Recover their Funds
Despite the efforts of the court-appointed monitor Ernst & Young, lawyers, and accountants to recover QuadrigaCX’s lost crypto-assets, O’ Brien believes that customers are unlikely to get back their investments.
“I don’t think people are going to see that money again. And the reason I don’t is because the way bitcoin is designed is that once the private key is gone, there’s no recovery.”
This is, of course, assuming that Cotten didn’t make any arrangements anticipating he could lose the battle against Crohn’s disease, O’ Brien added.