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HALIFAX, N.S. —

“In cryptocurrency, we have a lot of what we call scammers or people that are in to make money, but Gerry was a foundational pillar.” - Freddie Heartline, friend

Please note: A notice from QuardrigaCX to its customers can be found below.

Gerald Cotten’s death isn’t a conspiracy, says the QuadrigaCX CEO’s friend.

“There was never a moment of doubt in my mind,” said Freddie Heartline, who co-founded Bitcoin Co-op with Cotten in Vancouver in 2013.

A statement on QuadrigaCX’s Facebook page from Jennifer Robertson, Cotten’s wife, said that he died due to complications of Crohn’s disease on Dec. 9.

The 30-year-old Nova Scotia native died “while undergoing treatment at Fortis hospital in Jaipur,” India, states a Jawahar Circle police document. “According to the chief medical officer of the hospital, Jayant Sharma, it was a sudden death.”

Cotten’s death has resulted in roughly $190 million worth of cryptocurrency to be inaccessible, as he reportedly was the only one with the access keys.

“He became the CEO of a couple hundred million dollar business for a reason”

Interested parties attend Nova Scotia Supreme Court in Halifax on Tuesday as Canada’s largest cryptocurrency exchange seeks creditor protection in the wake of the sudden death of its founder and chief executive in December and missing cryptocurrency worth roughly $190 million. - The Canadian Press

While Cotten’s company had snags along the way, it wasn’t alone.

“No company in crypto has ever had it easy with the banks,” said Heartline, noting the Harper government tightened Canada’s banking sector in 2008.

“Gerry’s always had problems, we’ve always had problems, everybody has always had problems, but Gerry was a sunny days, Justin Trudeau, let’s make it work kind of guy,” he said.

“He became the CEO of a couple hundred million dollar business for a reason,” said Cotten’s friend.

Dismissing conspiracies

Heartline said he understands why everyone is floating conspiracy theories around about the Quadriga CEO’s death.

“He was careful though. He did the will because he knew about his health issue. Even when I met him his stomach was sensitive.

“So with Crohn’s disease in India, even anybody with a fortitude of like Superman, if you eat food over there, your gut could blow up,” he said.

Heartline also dismissed rumours that, Michael Patryn, QuadrigaCX’s co-founder, is involved.

Patryn, whose official name is Omar Dhanani, was convicted of fraud in California in 2005, according to a United States Department of Justice document.

“He’s been through too much in his career already and he’s not stupid enough to think he’s going to get away with a $200-million heist,” said Heartline.

Amidst all the speculation, Heartline’s not throwing in the towel just yet.

“I’m telling my friends, ‘Guys, yes it’s money and yes it’s a terrible situation, but wait 30 days,’ ” he said.

“A lot of people are like, ‘Why didn’t he trust his wife with those private keys?’ and it’s very important that everybody understands you can’t trust anybody with that, not even your wife,” said Cotten’s friend.

“If she knows she has access to that and anybody else knows that she has access to that, she becomes a valuable target,” he said. “Gerry had to engineer something that minimizes risk for him and his loved ones and the company.”

With files from Andrea Gunn, The Chronicle Herald, and Times of India reporters

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