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Home / Business / Quadriga CEO Gerald Cotten dies and left 145 million dollars of cryptocurrency locked away

Quadriga CEO Gerald Cotten dies and left 145 million dollars of cryptocurrency locked away



Quadriga, Canada's largest crypto exchange, said it could not access $ 145 million of bitcoin and other digital assets after Gerald Cotten, 30-year-old CEO and co-founder, died of complications from Crohn's disease during the journey. India.

Many of the digital currencies that Quadriga holds are stored offline in accounts called "wallets", a way to protect them from hackers. Cotten appears to have been the only person with access to the wallet, according to legal documents quoted by Canadian media and published online by Cryptocurrency News Site CoinDesk.

Cots death has dragged Quadriga into crisis and struggled to figure out how to reimburse more than 1

00,000 of its users.

The company filed for the claimant in the Nova Scotia Supreme Court on Thursday.

"In the past few weeks, we've been working to solve our liquidity problems, which include trying to locate and secure our very significant cryptographic reserves held in cold wallets," Quadriga said in a statement on his website. "Unfortunately, these efforts have not been successful."

Robertson said in affidavit posted online that the laptop computer Cotten used to run the currency exchange is encrypted.

"I don't know the password or the recovery key," she said. "Despite repeated and diligent searches, I have not been able to find them written down anywhere."

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The company has hired technical experts in an attempt to hack into Cot's portable and other devices to retrieve the missing cryptographic baskets, but Robertson warned that at least some of them "might be lost". [19659009] Quadriga also owes about 70 million Canadian dollars ($ 53 million) in cash that it is unable to repay, she says and says it is difficult to access funds through the traditional banking system.

Quadriga and a lawyer representing Cotts widow Jennifer Robertson did not respond promptly to requests that launched comments late on Monday.

A trial of Quadriga's financial problems is scheduled for Tuesday in Halifax, Nova Scotia.

Although the case is unusual, it is not the first time the cryptocurrency industry has been hit by security issues. Hundreds of millions of dollars to digital currencies have been stolen by hackers in recent years.

The spectacular boom and bust of the bitcoin and other cryptocurrencies has presented a problem for governments around the world, which have taken various approaches to attempting to regulate their use.

Janet DiGiacomo and Jethro Mullen contributed to this report.


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