Technology

I Lost $500,000 in Cryptocurrency Life Savings After “Trader With Password Died”

A 33-YEAR-OLD man lost his life savings after becoming involved with a cryptocurrency trader who died and took the password to access funds with him to his grave.

Tong Zou is one of thousands of customers who are being seriously pocketed Gerald “Gerry” Cottenmysterious death in 2018 at the age of 30.

Tong Zou tells his devastating story in the new Netflix doc

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Tong Zou tells his devastating story in the new Netflix docPhoto credit: Netflix
Gerald

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Gerald “Gerry” Cotten died in 2018, taking with him a password to access fundsPhoto credit: Netflix

Zou placed C$500,000 (£305,000) in trust in Quadriga CX, Canada’s largest cryptocurrency exchange.

A large part of it was given to him by his parents.

But when co-founder Cotten died while on a honeymoon in India, the money seemed lost forever.

The shocking story has been told in a new Netflix documentary, Trust No One: The Hunt For The Crypto King.

“It just makes me more depressed,” Zou said Sky news.

“I could have invested it in real estate. I could have invested it in stocks.

“Nothing has been found yet. It sucks.”

Quadriga’s accounts were valued at £190 million (US$250 million).

An official inquiry concluded that the Quadriga was “an old-fashioned fraud packed in modern technology”.

Around 76,000 investors like Zou lost in total.

First, the now-defunct company allegedly blamed a legal battle with a bank for the delay.

“I kept asking her, ‘Where’s my money? – October, November, December -” he said.

“They kept saying it was the lawsuit.

“I could not sleep. I was just praying I really prayed it wasn’t a scam.

“My parents were worried about that too.

“There was nothing I could do at the time. There was no way I could get my money back.

“Once I deposited it, it was basically gone.”

Is Gerald “Gerry” Cotten Really Dead?

Some speculate that Cotten has suffered with Crohn’s diseasemight actually be alive.

He died of acute abdominal pain just nine days after his honeymoon.

His wife, Jennifer Robertson, said he promised to create a mechanism to turn that around passwords to her when he died.

She says she never received the passwords.

Zou resorted to the cryptocurrency scheme to avoid bank fees when moving Vancouverby transferring his money from the US to a Canadian account.

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The 33-year-old has tried to get his money back in court but so far to no avail.

He hopes the Netflix doc will get authorities to “get their butts off and do something about it,” but also raise awareness “so it doesn’t happen to others.”

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How to spot crypto scams

CRYPTO scams pop up all over the internet. We explain how to recognize them.

  • Promises of a high or guaranteed return – Does the offer look realistic? Scammers often lure money by making false promises.
  • Strong marketing and promotional offers – If they use marketing tricks to scam customers, beware.
  • Unknown or non-existent team members – As with any business, you should be able to easily find out who runs it.
  • Check out the white paper – Every crypto company should have a white paper. This should explain how it plans to grow and make money. If that doesn’t make sense, it could be because the founders are trying to confuse you.
  • Please investigate – Check online reviews and Reddit threads to see what other people think.


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https://www.thesun.ie/tech/8581935/crypto-king-gerry-cotten-netflix-tong-zou/ I Lost $500,000 in Cryptocurrency Life Savings After “Trader With Password Died”

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