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Crypto boss dies with passwords needed to unlock customer accounts
#1
tinywhat Oh no!  He took the passwords with him to the grave! 


Quote:Customers of a Canadian cryptocurrency exchange are reportedly unable to access $190 million of funds after the company’s founder died with the passwords needed to access the money.

Gerald Cotten, the 30-year-old founder of QuadrigaCX, died due to complications with Crohn’s disease, according to Sky News, citing Cotten’s wife, Jennifer Robertson. The executive reportedly passed away in December while traveling in India to open an orphanage.
 I have a small amount of bitcoin at CoinBase.com. I really don't know if it's affiliated with this company or not.   tinyshocked

Quote:Citing a sworn affidavit by Robertson as she filed for credit protection, Sky News reports that Cotten held “sole responsibility for handling the funds and coins.”

About $190 million in cryptocurrency and traditional money is said to be in “cold storage,” with the digital key held by Cotten. While Robertson has Cotten’s laptop, she does not know its password and even a security expert has been unable to get past the device’s encryption.

Some QuadrigaCX customers have taken to social media to voice their frustration over the deadlock.
In a statement posted on its website on Jan. 31, QuadrigaCX said that it applied for creditor protection in the Nova Scotia Supreme Court “to allow us the opportunity to address the significant financial issues that have affected our ability to serve our customers.”

“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,” the company added, in its statement. “Unfortunately, these efforts have not been successful.”
Source
I bet a lot of people are upset right now. I mean, I'm sorry for the family and their loss, but...   tinyshocked



Being the critical thinker I am, I have to wonder if this guy didn't fake his death so he could steal all that money for his own? He was in India to open a Orphanage when he died?  Umm... yeah, right. 

Does anyone here have bitcoin with that company?  If so, I'd like to hear your thoughts.  Or, maybe I woudn't.   tinysurprised
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#2
(02-06-2019, 02:13 AM)Mystic Wanderer Wrote: ...Does anyone here have bitcoin with that company?  If so, I'd like to hear your thoughts.  Or, maybe I woudn't.   tinysurprised

I have no crypto-currency and to be honest I'm not a big fan of any type of promissory note -including the
pound sterling and the dollar!

You can't eat them and they only work in a market based on trust. I can swap you a rabbit for a chicken, they
are real and the transaction doesn't involve anyone else needed to be paid.

For a company dealing with the alleged $190 million's worth of electronic tender and only one guy as the key
to the internet safe tells you a lot about the standard of said company. I'll go with your idea, Mystic.
He's done a runner!
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#3
(02-06-2019, 12:50 PM)BIAD Wrote:
(02-06-2019, 02:13 AM)Mystic Wanderer Wrote: ...Does anyone here have bitcoin with that company?  If so, I'd like to hear your thoughts.  Or, maybe I woudn't.   tinysurprised

I have no crypto-currency and to be honest I'm not a big fan of any type of promissory note -including the
pound sterling and the dollar!

You can't eat them and they only work in a market based on trust. I can swap you a rabbit for a chicken, they
are real and the transaction doesn't involve anyone else needed to be paid.

For a company dealing with the alleged $190 million's worth of electronic tender and only one guy as the key
to the internet safe tells you a lot about the standard of said company. I'll go with your idea, Mystic.
He's done a runner!

Dont worry people your millions are safe with me as I am the only one with the key. oops I seem to have died, sad but shit happens.
Yep he did a runner
WAR IS PEACE, FREEDOM IS SLAVERY, IGNORANCE IS STRENGTH, THE EU IS FATHER AND MOTHER
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#4
"So, you're telling me you have a Crypto-Currency account with someone who has promised you, Only he has the password and Not To Worry, No-One can access YOUR Account but him. Not even his Wife who is by the way, wearing some nice Jewelry and expensive looking  Fur Coat."
"Are you worried?"

"No and don't bother me with minor details."  mediumdontwannahearit

So says the young Yuppy type Hipster.  tinyhuh

"Yeah, hows that Crypto-Currency account working out for now?"  tinywondering

mediumfrightened
Can't Fix Stupid!  tinybiggrin
Once A Rogue, Always A Rogue!
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#5
It could be that this guy may have not taken the password to $190 million crypto-currency to his grave,
he may have just taken the electronic-Benjamins and done a runner!


Quote:QuadrigaCX: Crypto wallets were emptied eight months before Gerald Cotten's death.

Funds lost to irrecoverable password turn out to be missing altogether as auditors investigate the company's financials.

[Image: attachment.php?aid=5405]

'Questions have been raised by auditors after digital wallets expected to contain millions in cryptocurrency were found to
be empty following the death of Quadriga CX founder Gerald Cotten. Mr Cotten, 30, died "due to complications with Crohn's
disease" while travelling to open an orphanage in India in December, according to his wife Jennifer Robertson.

He held "sole responsibility" for handling the $190m (£110m) his company looked after, and no other members of the Canada
-based QuadrigaCX team could access the stored funds, according to Mrs Robertson. She said the cryptocurrency and normal
money was in "cold storage" -where the company, or just Mr Cotten in this case, holds the key, not the client.

Auditors Ernst & Young, who were brought in to help recover the cryptocurrency, managed to gain access to Mr Cotten's laptop,
but discovered that the digital wallets held there had been emptied in April 2018 -eight months before his death.
It also noted 14 suspicious user accounts had been created on the Quadriga trading platform outside of the normal process for
creating client accounts.

These accounts had been involved in trading and withdrawing cryptocurrency to addresses not associated with Quadriga,
and the auditors are currently examining the transaction histories.

The news may provide hope to QuadrigaCX customers who have been complaining on social media that they have not
been able to withdraw money from their accounts.

Ally Shapoval wrote: "Hello, Quadriga! I withdrew money from my Quadriga
account to my bank more than 2 weeks ago. WHERE IS MY MONEY? STILL NOT THERE.
"I sent you emails, you are not responding."

Another wrote in French: "I have sent lots of emails, but I just get automatic responses,
I'm not even able to get my crypto out."

Some are questioning whether Mr Cotten is even dead and others have accused the company of lying to them...'
SKY News:


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#6
(03-06-2019, 10:40 PM)BIAD Wrote: It could be that this guy may have not taken the password to $190 million crypto-currency to his grave,
he may have just taken the electronic-Benjamins and done a runner!


Quote:QuadrigaCX: Crypto wallets were emptied eight months before Gerald Cotten's death.

Funds lost to irrecoverable password turn out to be missing altogether as auditors investigate the company's financials.



'Questions have been raised by auditors after digital wallets expected to contain millions in cryptocurrency were found to
be empty following the death of Quadriga CX founder Gerald Cotten. Mr Cotten, 30, died "due to complications with Crohn's
disease" while travelling to open an orphanage in India in December, according to his wife Jennifer Robertson.


Auditors Ernst & Young, who were brought in to help recover the cryptocurrency, managed to gain access to Mr Cotten's laptop,
but discovered that the digital wallets held there had been emptied in April 2018 -eight months before his death.
It also noted 14 suspicious user accounts had been created on the Quadriga trading platform outside of the normal process for
creating client accounts.

Some are questioning whether Mr Cotten is even dead and others have accused the company of lying to them...'
SKY News:


From my OP:

Quote:Being the critical thinker I am, I have to wonder if this guy didn't fake his death so he could steal all that money for his own? He was in India to open a Orphanage when he died?  Umm... yeah, right. 

I think my BS meter has been pretty good lately. Glad to see I'm not the only one questioning this.
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#7
(03-07-2019, 12:49 AM)Mystic Wanderer Wrote: From my OP:

Quote:Being the critical thinker I am, I have to wonder if this guy didn't fake his death so he could steal all that money for his own?
He was in India to open a Orphanage when he died?  Umm... yeah, right. 

I think my BS meter has been pretty good lately. Glad to see I'm not the only one questioning this.

The other reasonable alternative is that... er-well, there isn't one!
Unless it's the Indian orphans that forced the passwords out of him and stole his money!!
That comment may seem ridiculous, but give the MSM a couple of days to try it out!
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