Saturday, January 28, 2023

Netflix To Release Documentary About QuadrigaCX CEO

Netflix, the US-based over-the-top content platform and production company, has released the trailer of its upcoming documentary, titled ‘Trust No One: The Hunt For The Crypto King.’ 

This documentary is about Gerald Cotten, the CEO of the now-defunct crypto exchange QuadrigaCX, who took his last breath in Jaipur, unleashing a major controversy in India. 

While releasing the trailer, Netflix mentioned that the documentary will be premiered in 2022, on its platform. 

It further mentioned, “Follow a group of investors turned sleuths as they try to unlock the suspicious death of cryptocurrency multimillionaire Gerry Cotten and the missing $250 million they believe he stole from them. Premieres in 2022.”

For the past few years, this case has sparked a lot of controversy in the market. The authorities alleged that Cotten, himself had conducted the QuadrigaCX crypto scam. The case has taken a new turn along with his death, now. 

According to the report, the CEO of the defunct crypto exchange owned more than $250 million worth of cryptos in a digital wallet, but now as he died those cryptocurrencies have become inaccessible.   

A year ago, the trustee of QuadrigaCX, Ernst & Young (EY), revealed that it has around $29.8 million in funds, which it could repay to the creditors of the exchange.  

Notably, the creditors of the exchange had claimed around $171 million as a refund. 

On September 23, while filing its seventh report with the Ontario Superior Court of Justice, EY provided an update on bankruptcy administration. The company has mentioned that out of 42,957 creditors’ claims, it has received completed claim forms from 17,053 creditors of the exchange. 

The creditors made their claims in multiple currencies, including cryptos and fiat.

In 2020, the Ontario Securities Commission (OSC) released a report, stating that the defunct exchange misled more than 76,000 users in a scam, which was being operated by Cotten. 

The securities regulator, in its report, further mentioned that Cotten opened several accounts under fake names to defraud people. He credited those accounts with counterfeited currency and crypto balances. Later, he traded those balances with unsuspecting Quadriga clients. 

OSC added, “The late 30-year-old chief executive covered this shortfall with other clients’ deposits – in effect, operating a Ponzi scheme wrapped in modern technology.”

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