QuadrigaCX Saga to Be Covered By Netflix Documentary

Netflix to Release Documentary on QuadrigaCX Saga in 2022

Streaming giant Netflix announced on Thursday that it will release a documentary about Gerald Cotten, the deceased CEO of now-defunct Canadian crypto exchange QuadrigaCX.

The documentary titled Trust No One: The Hunt for the Crypto King will debut on the platform in 2022. 

According to a synopsis, the investigative film will focus on the circumstances surrounding Cotten’s death, while he was volunteering for an Indian orphanage. It will also deal with the $190 million belonging to investors that were allegedly stolen by the QuadigaCX CEO. 

QuadrigaCX was one of Canada’s largest Bitcoin exchanges at its height. However, the company took a huge hit following Cotten’s death from Crohn’s disease in December 2018. 

Interestingly, Cotten was the only person who had access to the millions invested by over 100,000 users of the exchange. This led to suspicions that Cotten had faked his death and escaped with the funds. However, authorities never found any evidence to support these claims. 

Cotten Revealed to Be the Source of QuadrigaCX’s Issues

In 2020, the Ontario Security Commission (OSC) published its findings in the QuadrigaCX case. The securities regulator revealed that the exchange was forced to cease operations not because of Cotten’s death but as a result of the illicit activities he engaged in while he was alive. 

A few months later, Ernst & Young, a court-appointed trustee of the exchange, said that it had received as many as 17,053 claims against Quadriga, which amounted to a total of $171 million. 

According to EY’s filing, the company decided to convert all recovered assets into Canadian dollars and allocate them to Quadriga’s users depending on crypto prices from 2019, when the exchange had declared bankruptcy.