Why I am asking this is the news that shook me when I heard that the CEO of QUADRIGA-CX EXCHANGE died suddenly and with him gone a huge amount of users’ deposit in the exchange. And the worst case, only the founder knew the password for the accounts of the Exchange and he did not write it anywhere or told anyone about it.
Cryptocurrency exchange QUADRIGA-CX said the chief executive officer and co-founder Gerald Cotten could not buy and sell $14.50 million worth of bitcoins and other digital assets because of his death in December.
Cotten was working as a volunteer for an orphanage in an Asian country at the time of his death. Meanwhile, he died suddenly due to a serious illness. The company spokespersons cannot say anything about it but worried since the passwords of all the currencies stored in the Quadriga exchange were kept offline in cold valet accounts.
Probably the CEO did this to protect against hackers. Only Gerald Kotten had access to these accounts so, there is no way the currency could retrieve back now.
According to company sources, Gerald Cotten’s sudden death has caused the exchange to face this crisis of returning money to more than a hundred thousand consumers. The Supreme Court of Nova Scotia has accepted the company’s request for protection from creditors though and has appointed accounting company Ernst & Young to resolve the company’s financial problem and find options for a possible sale.
The exchange is under protection under insolvency law following the unexpected death in India of the founder of one of Canada’s largest cryptocurrency exchanges. After the sudden death of the founder, this amount of about $1450 million by thousands of investors is untraceable or could never be recovered.
No, I will not go into the controversial discussions about the scam and money was actually not even existing due to failed trades by Gerald or even doubts on his death.
