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Crypto-currency

Cryptocurrency exchange Owner Died, Clients Looses $190 Million

According to what CoinDesk reported, investors were locked out of $190 million in cryptocurrency assets after the founder of a crypto exchange died without sharing the password to a laptop that contained the business’s records.

QuadrigaCX

Gerald Cotten, co-founder and CEO of QuadrigaCX, died in December due to complications of Crohn’s disease. QuadrigaCX owes customers around $190 million in cryptocurrency and cash.

ALSO READ: Crypto Exchange Shuts Down As Bitcoin Crashing Continues

None of his staffs can retrieve over $190 million in Bitcoin, Litecoin, Ether and other digital tokens held for its customers.

The laptop, email addresses and messaging system he used to run the 5-year-old business were encrypted, according to an affidavit from his widowed wife, Jennifer Robertson.

He died with the password and recovery key of his encrypted laptop. Experts brought in to try to hack into Cotten’s other computers and mobile phone met with only “limited success”.

Lesson From The Death Of QuadrigaCX

This is a great tragedy for the investors, almost all hope is lost. A great lesson indeed on why it’s now safe to store your cryptocoin in an exchanger wallets.

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Andre is a network engineer with a solid technical background and a proven record in building and troubleshooting computer systems, networking, website design and blogging with broad knowledge on call center operations and administration. Above all, a man with great desire in sharing his knowledge and views, cutting across technology, social and politics.

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