Cryptocurrency ceo dies
The founder of the company left no way to access the funds in the event of his death. Gerald Cotten, 30, died of complications with Crohn's disease while doing philanthropic work in India in early December, according to a post on QuadrigaCX's Facebook page. The company didn't announce Cotten's death until more than a month after he died, and as customers panicked and tried to withdraw their funds, QuadrigaCX's website went down, and the company went off the grid. When QuadrigaCX broke its silence a week later, the company revealed it had filed for creditor protection in the Nova Scotia Supreme Court, according to reporting from Coindesk. Evidently, Cotten was the sole person responsible for transferring QuadrigaCX funds between the company's "cold wallet" - secure, offline storage - and its "hot wallet" or online server, according to court documents.
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- Tales from the crypto
- Mystery of the 30-year-old bitcoin multimillionaire who 'died on his honeymoon in India'
- Cryptocurrency mystery stuns Kelowna neighbourhood where dead CEO owned home
- Sudden death of cryptocurrency exchange CEO locked out investors — but is he really dead?
- Wife of Cryptocurrency CEO Maintains She Watched Him Die
- Government Death Certificate Says QuadrigaCX CEO Died in India
- Cryptocurrency company CEO dies locking up USD 200 million in accounts of customers
Tales from the crypto
We are often told to keep our passwords secret and not share it with anyone. But the customers of Digital-asset exchange Quadriga CX will, from now on, give out their passwords to at least one other person! Vancouver-based QuadrigaCX found itself in a strange situation after its founder, Gerald Cotten, passed away last year in December in India.
The digital currency was stored on a platform that was not connected to the internet. This was done to minimise the chances of a hack. Only a person with required passwords and encrypted codes can unlock the device holding the crypto currency.
After the death of Gerald Cotten, there is nobody who can locate the digital keys of the vault that will allow Cotten's widow Jennifer Robertson to access funds. Despite repeated and diligent searches, I have not been able to find them written down anywhere," said Robertson.
Unfortunately, these efforts have not been successful. Further updates will be issued after the hearing," the company said. This is just part of the problem. The voices of people calling the business a 'scam' is getting louder. On Reddit's online forum, several people are calling for a class-action lawsuit against the firm. Some are even questioning the death of Cotten!
Many customers of Quadriga CX have already started taking legal advice, with a case expected to be filed sometime in the future. Sign In. Latest Must Read Markets. BT TV. Economy Corporate Markets.
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Mystery of the 30-year-old bitcoin multimillionaire who 'died on his honeymoon in India'
Jennifer Robertson, the widow of QuadrigaCX founder Gerald Cotten, sits on the bench she had made as a memorial to her late husband at their favourite spot in Mount Uniacke, N. She did not know their gilded lifestyle — the yacht, the airplane, the houses, the private Maritime island they planned to develop and luxurious jaunts around the world — was financed with money that did not belong to them. There is something else, too. Robertson has never spoken publicly in the three years since her life was blown apart.
Cryptocurrency mystery stuns Kelowna neighbourhood where dead CEO owned home
His death was announced Jan. She even hired an expert, who was unable to break through the encryption to access the funds. The news was first reported by Coindesk on Friday. Cryptocurrencies are a form of digital currency that use encryption techniques to control their creation and secure transactions independent from a central bank. These encryption techniques make it very difficult to create any kind of counterfeit money or have the accounts hacked. The Canadian company Cotten co-founded, Quadriga CX, revolves around users depositing funds into their Quadriga account and then trading various cryptocurrencies — predominately Bitcoin — with other users. Its database has around , users.
Sudden death of cryptocurrency exchange CEO locked out investors — but is he really dead?
We are often told to keep our passwords secret and not share it with anyone. But the customers of Digital-asset exchange Quadriga CX will, from now on, give out their passwords to at least one other person! Vancouver-based QuadrigaCX found itself in a strange situation after its founder, Gerald Cotten, passed away last year in December in India. The digital currency was stored on a platform that was not connected to the internet. This was done to minimise the chances of a hack.
Wife of Cryptocurrency CEO Maintains She Watched Him Die
The year-old software engineer, who had been working in San Francisco for seven years, just wanted to save a few bucks on transfer fees after deciding to move to Vancouver. The exchange has halted operations and was granted protection from creditors Feb. He bought bitcoin in the U. That was in October. That money was going to help him settle back in Canada, after being away for years. Zou, who grew up in Orillia, Ontario, had moved to the U.
Government Death Certificate Says QuadrigaCX CEO Died in India
Access to Quadriga CX's digital "wallets" — an application that stores the keys to send and receive cryptocurrencies — appears to have been lost with the death of Quadriga CX Chief Executive Officer Gerald Cotten, who died Dec. He was Cotten was always conscious about security — the laptop, email addresses and messaging system he used to run the 5-year-old business were encrypted, according to an affidavit from his widow, Jennifer Robertson. He took sole responsibility for the handling of funds and coins and the banking and accounting side of the business and, to avoid being hacked, moved the "majority" of digital coins into cold storage. His security measures are understandable. Virtual currency exchanges suffered at least five major attacks last year.
Cryptocurrency company CEO dies locking up USD 200 million in accounts of customers
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What they found was an old-fashioned fraud wrapped in a new technology, according to a page report made public Thursday. When he died, the year-old founder of the cryptocurrency platform - from Fall River, Nova Scotia - was also the only one with access to the keys, or passwords, to the digital wallets of more than , investors. By , Quadriga had morphed into what was more or less a Ponzi scheme, the regulator says, with new investor funds being used to pay out old investors who made withdrawal requests. Quadriga filed for protection from creditors in February of , and entered bankruptcy proceedings a couple of months later.
Millions of dollars were missing when the CEO of a crypto exchange died without sharing the passwords to his accounts. Investigators, who have secured his laptop and other devices, have revealed the money is gone. Gerald Cotten, the founder of QuadrigaCX, was thought to have had sole access to the funds and coins exchanged on it. The case has sparked numerous theories, including that Cotten faked his own death and ran off with the cash. Using public blockchain records, it determined the digital wallets thought to contain millions were emptied in April, eight months before Cotten's death, it said in a report last week. The investigators said they found other issues too, such as that Quadriga kept "limited books and records" and never reported its financials.
While authorities investigated, one online sleuth decided to dig deeper to find the money. The announcement followed news that Gerald Cotten, the company's year-old CEO, had reportedly died under peculiar circumstances the month before, while on his honeymoon in India. On the morning of Dec. That day he and his wife, Jennifer Robertson, checked into the luxury resort Oberoi Rajvilas in Jaipur and told staff he wasn't well.