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Customers of a Canadian cryptocurrency exchange are reportedly unable to access $190 million of funds after the company’s founder died with the passwords needed to access the money.
Gerald Cotten, the 30-year-old founder of QuadrigaCX, died due to complications with Crohn’s disease, according to Sky News, citing Cotten’s wife, Jennifer Robertson. The executive reportedly passed away in December while traveling in India to open an orphanage.
The article goes on to state the following:
Citing a sworn affidavit by Robertson as she filed for credit protection, Sky News reports that Cotten held “sole responsibility for handling the funds and coins.”
About $190 million in cryptocurrency and traditional money is said to be in “cold storage,” with the digital key held by Cotten. While Robertson has Cotten’s laptop, she does not know its password and even a security expert has been unable to get past the device’s encryption.
— Robert T. Kiyosaki (@theRealKiyosaki) February 4, 2019
Canadian cryptocurrency exchange QuadrigaCX seeks creditor protection after founder dies, leaving employees unable to locate or access roughly $190 million worth of digital money. https://t.co/EMxmlQSMI6
— CBC News Alerts (@CBCAlerts) February 4, 2019
Please see our statement regarding the sudden passing of our @QuadrigaCoinEx founder and CEO, Gerry Cotten. A visionary leader who transformed the lives of those around him, he will be greatly
— QuadrigaCX (@QuadrigaCoinEx) January 14, 2019
We’ve posted an update regarding the latest on our company operations: https://t.co/qT7reUA17N
— QuadrigaCX (@QuadrigaCoinEx) January 31, 2019
QuadrigaCX files for bankruptcy, can’t find THE cold wallet, CEO goes to India on a humanitarian mission, dies mysteriously.
Can’t even make this stuff up.
Wen Crypto Movie?#quadrigaCX #bitcoin pic.twitter.com/pnXfOvRn6n
— CryptoJ0ules (@CryptoJ0ules) January 31, 2019
JUST IN: Troubled Canadian crypto exchange QuadrigaCX owes its customers $190 million and cannot access most of the funds, according to a court filing obtained by CoinDesk’s @nikhileshde https://t.co/0f8TW0teKN
— CoinDesk (@coindesk) February 1, 2019
We lost the $150 million in cryptocurrencies that we held for customers because our founder died and he was the only one with the passwords to the wallets. Welcome to the financial future! https://t.co/81auPh1lxZ
— Nathaniel Popper (@nathanielpopper) February 1, 2019
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