The CEO of QuadrigaCX, Gerald Cotten, died suddenly in the year 2018, thousands of customers were left in the dark and unsure of what had transpired with their money. Netflix’s most recent documentary, ‘Trust No. One and the Hunt to Find The Crypto King focuses on the events of Gerry and the fate of the cryptocurrency exchange platform. Tong Zou, like QCXINT, is among the numerous users who lost money following Gerry’s demise. If you want to know if Tong fell off his feet after the tragedy of Gerry’s death, we’ve got your back.
Who is Tong Zou?
Tong Zou was working in the software industry in San Fransisco, California, and was considering investing in Bitcoin. Bitcoin’s value was exploding in 2017, and Tong was looking to earn profits from the investment. In 2018 Tong borrowed three loans of over $80,000 and transferred the entire amount into Bitcoin. After that, the price of Bitcoin plummeted to leave Tong with an enormous amount of debt and a high-interest rate.
So, Tong decided to sell the house he lived in to pay his outstanding debts and then move to Canada. The result was that he was left with about $400,000 was he planned to transfer to the Canadian account. Still, he thought that it would be easier to avoid the commission that the bank charges using the cryptocurrency exchange instead. Tong later stated, “I was thinking of different ways to go about it to save myself some cash. I suppose I believed in (Quadriga) much.”
In the beginning, Tong was friends with people who were using QuadrigaCX, and his investigation convinced him that it was not a fraud. Therefore, he purchased Bitcoin for $400 and later sold it on QuadrigaCX. If he had done it the right way, Tong would have had CA$500,000 in his Canadian account. But the money did not come through. When days turned to months, Tong became concerned, but all he got from his employer was the delay was due to a legal dispute with the bank.
Tong later said, “At that time, I was unable to do. There was no possibility to recover my money. After I had deposited it, the money was gone. This turned out to be a fraud.” Within the weeks following the announcement of Gerry’s demise, it was revealed that millions of customers’ funds were lost because Gerry was the only person with access to the reserve. The investigation later discovered that Gerry was playing with the money in the term “a scam called a Ponzi.
Where is Tong Zou Now?
In retrospect, Tong Zou regretted investing the money into Bitcoin. In the end, he said, “It just makes me more depressed. I could have put it in real property. I could have invested it into stocks. To date, there’s nothing discovered. It’s not fun.” Although he acknowledged that he was negligent, he thought there was no way of predicting what transpired and said, “It’s also the unluckiness and the timing. What can I do?” Tong is also involved in a lawsuit to claim the money back.
Since that time, Tong has mostly gotten out of trading in cryptocurrency. He now lives in a house he rented within Burnaby in British Columbia, Canada. Tong has been employed as a Senior Software Developer in a tech firm located in Vancouver over the past three years. He is now in his 30s, and Tong plays guitar when he has to time off and is nostalgic about his experience living in San Francisco. In addition, Tong has also been operating a YouTube channel for a couple of years, with videos covering a broad range of topics.