When Gerald Cotten, the CEO of QuadrigaCX, died unexpectedly in 2018, many of consumers were left in the dark about what had happened to their money. ‘Trust No One: The Hunt for the Crypto King,’ a new Netflix documentary, examines what happened to Gerry and the fate of the bitcoin trading site. Tong Zou, like QCXINT, was one of the many users who lost money after Gerry passed away. So, if you’re wondering if Tong was able to get back on his feet following the incident, we’ve got you covered.
Tong Zou, Who is he?
Tong Zou, a software developer in San Francisco, California, was interested in investing in Bitcoin. The value of the cryptocurrency had risen dramatically in 2017, and Tong hoped to profit from the investment. As a result, he took out three loans totaling over $80,000 in 2018 and invested it all in Bitcoin. But, not long after, cryptocurrency’s value plummeted, leaving Tong with a mountain of debt and a high interest rate.
As a result, Tong decided to sell his residence and move to Canada to pay off his debts. In the end, he had roughly $400,000 that he intended to transfer to a Canadian account, but he figured that by utilizing a cryptocurrency exchange instead of the bank, he might save the bank’s commission. “I was thinking of different methods to accomplish it where I might save myself some money,” Tong subsequently explained. I guess I had a lot of faith in (Quadriga).”
Tong had acquaintances who utilised QuadrigaCX at the time, and his study convinced him that it was not a fraud. So he used the $400,000 to buy Bitcoin and then sold it on QuadrigaCX. Tong would have preferred to have CA$500,000 in his Canadian account. That money, however, never arrived. Tong became concerned as the days stretched into months, and all he heard from the company was that the delay was due to a legal issue with a bank.
“At the time, there was nothing I could do,” Tong subsequently remarked. I couldn’t get my money back because there was no mechanism to do so. It was practically gone once I deposited it. The whole thing turned out to be a ruse.” Because he was the only one with access to the reserves, it became evident shortly after Gerry’s death that millions of dollars in customer funds had been lost. Gerry had effectively been gambling away the money, running a Ponzi scam, according to an investigation.
Tong Zou: Where Is He At Present?
Tong Zou later expressed regret for his investment in Bitcoin, saying, “It simply makes me more depressed about it.” I could have put it into real estate. I had the option of putting it in stocks. So far, nothing has been discovered. It’s a pain.” While he admitted to being careless, he also stated that he had no way of knowing what would happen, saying, “It’s also the unluckiness, the timing.” “How could I possibly know?” Tong is also a defendant in a case to reclaim the funds.
Tong has largely abandoned bitcoin trading since then. He presently lives in Burnaby, British Columbia, Canada, in a rented flat. For the past three years, Tong has worked as a Senior Software Developer at a software firm in Vancouver. He is now in his 30s and enjoys playing the guitar in his spare time. He remembers his time in San Francisco fondly. Aside from that, Tong has been running a YouTube channel for a few years, with videos covering a variety of topics.
Also Read: Gerald Cotten: Net Worth Before he Died
