Cryptocurrency Owners Can’t Access Funds
Canada’s largest cryptocurrency QuadrigaCX exchange is unable to access millions in digital currency following the sudden death of its founder. It seems that they took security seriously as only the CEO knows the password.
Quadriga has filed for creditor protection and estimates that about C$180m ($137m; £105m) in cryptocurrency coins is missing.
It has not been able to locate or secure its cryptocurrency reserves since Gerald Cotten died in December.
Cotten, 30, had sole responsibility for handling the funds and coins.
“The laptop computer from which Gerry carried out the Companies’ business is encrypted and I do not know the password or recovery key. Despite repeated and diligent searches, I have not been able to find them written down anywhere,” said Jennifer Robertson, Cotten’s widow, in an affidavit.