Crypto CEO dies without sharing the only password to unlock coins of million customers: Fuming investors are demanding for the replies after a Canadian crypto CEO died deprived of sharing one most important password. It all happened when 30-year-old crypto CEO died in December 2018 due to complication from Crohn’s disease. He died during the visit to India as he was planning to open an orphanage for poor, deprived and needy children.
Crypto CEO dies holding only passwords to unlock millions in customer coins
Gerald Cotton who was commonly known as “Gerry” was the founder of Quadriga CX, which was launched in the year 2013.
Quadriga CX’s digital “wallets” is basically an application that stores the keys to direct as well as accept cryptocurrencies, but the access to this digital wallet seems to have been vanished with the death of Quadriga CX Chief Executive Officer Gerald Cotten, who died on 9th December 2018 in India.
After the death of Cotton the authorities of Quadriga CX tweeted to make announcement of his death which stated, “It is with a heavy heart that we announce the sudden passing of Gerald Cotten, co-founder and CEO of QuadrigaCX. A visionary leader who transformed the lives of those around him, Gerry died due to complications with Crohn’s disease on December 9, 2018 while travelling in India, where he was opening an orphanage to provide a home and safe refuge for children in need.”
It further added, “Gerry cared deeply about honesty and transparency–values he lived by in both his professional and personal life. He was hardworking and passionate, with an unwavering commitment to his customers, employees, and family.”
Crypto CEO dies with the password to unlock $200+ million of customers’ Bitcoin
As per the affirmation from his widow, Jennifer Robertson, Cotten was constantly conscious about the security and the laptop, email addresses and messaging system, whatever he used he used in order to run the 5 year old industry were encoded. He took solitary accountability for the control of funds and coins and the banking and accounting side of the company and, to evade being hacked, relocated the most of the digital coins into cold storage.
At the present, C$190 million ($AU200 million) in digital tokens such as Bitcoin, Litecoin and Ether is incapable to be retrieved from the business’s digital wallets.
Last month, the Board of Directors posted a message on Company’s website which revealed the depth of the important monetary issues afflicting the start-up.
The statement reads, “For the past weeks, we have worked extensively to address our liquidity issues, which include attempting to locate and secure our very significant cryptocurrency reserves held in cold wallets, and that are required to satisfy customer cryptocurrency balances on deposit, as well as sourcing a financial institution to accept the bank drafts that are to be transferred to us.”
It further added, “Unfortunately, these efforts have not been successful.”
On January 31, an application for creditor security was filed in the Nova Scotia Supreme Court and specialists have been pursued to hack the system and free the tokens, with limited success.
Ms Robertson said Quadriga CX’s access to crypto had been strictly compromised by her husband’s death. She said, “After Gerry’s death, Quadriga’s inventory of cryptocurrency has become unavailable and some of it may be lost”.
As per the CoinDesk, more than 115,000 customers have remained gone out of pocket. But some people are also claiming that Mr Cotten has faked his own death.