People who invested in cryptocurrency with QuadrigaCX will lose their money – nearly $190 milion – after the company’s founder died without tranferring the passwords to anyone.
30-year-old Gerald Cotten, the founder of QuadrigaCX, Canada’s largest cryptocurrency exchange, died last year in India from complications with Crohn’s disease. Before his death, he had the only password to unlock the funds and didn’t get to transfer that knowledge to anyone.
QuadrigaCX has lost nearly $190 million of their investors’ money following Cotten’s death as all efforts to get the passwords has proved abortive.
His widow, Jennifer Roberston, said in a statement that she has recovered her late husband’s work laptop, but is unable to access it because she doesn’t know the password. The company said they’ve hired a security expert to try to access the funds, but he has been unsuccessful so far. This goes to show how powerful Proof Systems and encryption can be. This is truly unfortunate for all the investors involved.
The company is no longer accepting investments on their platform after it was put on pause by directors late last month.