Max E.Fri, Apr 1, 2022 5:36 PM
Netflix Releases a Documentary About Quadriga CX Founder
A new Netflix documentary explores the scandal surrounding the QuadrigaCX cryptocurrency exchange. Titled Trust No One: The Hunt For The Crypto King, the film tells the story of QuadrigaCX’s CEO Gerald Cotten.
QuadrigaCX is a cryptocurrency exchange that faced a shortage of funds in December 2018, due to the mysterious death of the head of the company, Gerald Cotten, which led to the loss of $250 million in crypto holdings.
As it was later revealed, QuadrigaCX kept its funds in cold storage – that is, a device with no Internet access. At the same time, the access code to the device was controlled by Gerald, therefore his death massively affected the platform’s investors.
The chronology of events around QuadrigaCX is still entangled in many secrets. Some believe that Cotten is actually alive and simply faked his own death to escape with clients' funds. Former exchange investors even demanded the exhumation of Cotten's body from the Canadian police, but the request was rejected.
According to another theory put forward by Ernst & Young, the CEO of QuadrigaCX allegedly died in 2018 from Crohn's disease, but instead of stealing the money, Cotten siphoned funds from QuadrigaCX long before his death and spent them on luxury goods – cars, planes and yachts.
To go along with his plan, Cotten created a fake account on the exchange and then bought his clients' cryptocurrencies using fake Canadian dollars. Then, the price of Ethereum, in which Cotten held most of the capital, collapsed in 2018, leading to huge losses for the founder of the trading platform.
Moreover, the reputation of Gerald Cotten has been tarnished for a long time. Even before the advent of Bitcoin, he was an active participant in various fraudulent and pyramid schemes, one of which was disclosed by the US Federal Bureau of Investigation. In other words, the founder of QuadrigaCX could have been a fraud from the very beginning.
However, in any case, the last word will be with the state representatives dealing with this case. At the same time, the Netflix documentary takes on the story in a chronological order. One can expect some exaggeration, but in general the film is positioned as a true crime documentary.