Updated: "Cryptocurrency Exchange Says It Can't Access Millions After CEO Unexpectedly Died"

see comment section for updates

"Cryptocurrency Exchange Says It Can't Access Millions After CEO Unexpectedly Died"

By Bill Chapell Feb 4, 2019

"The QuadrigaCX cryptocurrency exchange says it can't access some $190 million in bitcoin and other funds after its founder and CEO, Gerald Cotten, died at age 30 — without sharing the password for his encrypted laptop.

Cotten was "the sole officer and director" of the Canadian cryptocurrency exchange when he died, said his widow, Jennifer Robertson, in an affidavit that is part of the company's request for court assistance as it seeks protection from its creditors.

The debt filing comes weeks after Robertson announced that Cotten had died — an event she described as "a shock to all of us."

"Gerry died due to complications with Crohn's disease on December 9, 2018 while travelling in India," Robertson wrote, "where he was opening an orphanage to provide a home and safe refuge for children in need."

Robertson, who is executor of Cotten's estate, also announced that Quadriga has put new limits on daily withdrawals, trying to keep pace with demand and resolve transaction problems that lingered through much of last year.

In an update on its website about the debt filing, the exchange says it is facing "significant financial issues" that are keeping it from disbursing customers' funds.

The company says that it has "very significant cryptocurrency reserves" — but that it can't locate or secure those reserves."

read the rest of the story here: https://www.npr.org/2019/02/04/691296170/cryptocurrency-exchange-sa...

Views: 112

Reply to This

Replies to This Discussion

Who knows how much of the cryptomoney is locked out due to lost passwords. Everyone having any significant cryptoassets should have a way to pass the information to a trusted person in case of death. Even for the situation of your computer's hard drive breaking down... you should have another way to access the funds.

For sure a dead man's switch/key something.

The problem with digital currency is that one massive x class solar flare could potentially wipe out billions or worse.

Our grid and devices computers phones are not properly shielded for another Carrington type event.

You're right about the solar flare, but the same applies to the central bank issued debt/money too. Money itself is an illusion based on faith. The real material things will survive an EMP or a solar flare, but in the worst case we may be without an electric grid for good. And having your own electric power generator with enough fuel costs a lot.

Don't worry. The only way an EMP could take out the whole power grid would be if it took out all life forms with a nervous system because it would do that long before it could take out all the power cables, so you would never need a power grid after that anyway.

And I was worried.


Zero Hedge: "Mystery Surrounding 'Lost' $150M Crypto Fortune Deepens As Analysts Question Exchange Founder's Death"

by Tyler Durden

"We were half-joking when we speculated last week that QuadrigaCX CEO Gerald Cotten - founder of a Canadian crypto exchange that has become embroiled in a $150 million fiasco after Cotten died and purportedly took the keys to the exchange's cold wallets to his grave, rendering his customers' coins immovable - faked his own death in a foreign land to abscond with a fortune belonging to his customers. But a Bloomberg report published Wednesday evening has raised red flags suggesting that this ludicrous "conspiracy theory" might soon become a "conspiracy fact."

But since Quadriga filed for bankruptcy protection last month in the face of a rash of lawsuits being filed by angry customers demanding their coins be returned, a group of analysts and crypto-sleuths have been trying to suss out whether the claims made by Quadriga and Cotten's widow - that the notoriously security-conscious (some might say paranoid) executive was the only employee who handled moving coins deposited with the exchange, and that he had recently shifted the bulk of the exchange's holdings into "cold storage" platforms to which only he possessed the encrypted key, which they have been unable to locate - hold water.

And as it turns out, there has been some suspicious activity that, at first brush, would seem to call these claims into question. As one Cornell professor who spoke with BBG claimed, Quadriga's story didn't pass "the smell test." If the coins were truly frozen, then why hadn't the exchange at least furnished the public keys that would allow auditors to verify their holdings on the blockchain?"

read the rest at Zero Hedge: https://www.zerohedge.com/news/2019-02-06/mystery-surrounding-lost-...

Sounds plausible. If you can be corrupted 150 million would do it.

Massive die-offs atm. 


"Destroying the New World Order"

Latest Activity

Chris of the family Masters favorited Mrs. Tif Morgan's discussion Last White Man Standing: President John F. Kennedy
20 minutes ago
Burbia commented on Doc Vega's blog post Come Storm Area 51 September 20th at 3 AM! Go For It!
1 hour ago
Doc Vega commented on Doc Vega's blog post Dating: It Could Happen to You!
"Cheeki kea, thank you for your thoughtful comment!"
1 hour ago
Diana favorited Chris of the family Masters's blog post Are You Ready For This?
2 hours ago
Mrs. Tif Morgan posted a discussion

Last White Man Standing: President John F. Kennedy

 Two Feathers' forum he has been tube censored:…See More
2 hours ago
Diana posted photos
2 hours ago
Diana commented on Diana's photo
2 hours ago
Diana favorited the mighty bull's photo
2 hours ago
Diana favorited the mighty bull's photo
2 hours ago
Burbia posted photos
3 hours ago
rlionhearted_3 favorited Diana's photo
5 hours ago
oldranger_68 favorited James Roberts's blog post ‘Gang of Eight’ Amnesty Architect Declares Victory as GOP/Dems Pass Green Card Giveaway
5 hours ago
Mrs. Tif Morgan replied to Mrs. Tif Morgan's discussion Tom Steyer, Jeffrey Epstein Connection Exposed
" All good things comes to those that wait....:)"
5 hours ago
Mrs. Tif Morgan replied to Chris of the family Masters's discussion Profit Over Life
"You just did... LOL Tif"
5 hours ago
Mrs. Tif Morgan replied to Chris of the family Masters's discussion Profit Over Life
"80 million German Nationalist, were Jewish, and Christian. The USSR European Kazar, murdered people…"
5 hours ago
oldranger_68 commented on Diana's blog post Muslim Caucus Conference And Presidential Forum
"Most of the "vibrants" who have come to America have come with the stated objective of…"
5 hours ago

© 2019   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted