News
Investors lose as cryptocurrency trader dies with password to $190m clients’ investments
Canada’s leading cryptocurrency exchange company has said it cannot repay $190m (£110m) to clients because its founder died with their passwords.
Gerald Cotten, 30, founder of QuadrigaCX died “due to complications with Crohn’s disease” while travelling in India to open an orphanage in December, his wife Jennifer Robertson said.
Mr Cotten held “sole responsibility for handling the funds and coins” and no other members of the team could access the stored funds, she said in a sworn affidavit as she filed for credit protection on 31 January.
Ms Robertson said about $190m (£110m) in both cryptocurrency and normal money is in “cold storage” – where the company, or just Mr Cotten in this case, holds the key, not the client.
The founder held “sole responsibility for handling the funds and coins” and no other members of the team could access the stored funds, she added.
She has her husband’s laptop but she does not know the password and a technical expert they hired had not been able to bypass its encryption, she told the court.
Ms Robertson added in the affidavit that she and her colleagues have had threats made against them from online cryptocurrency communities – especially from Reddit users.
-
News22 hours ago
Nigerians face ‘anointing oil’ price hike amid Olive oil scarcity
-
News23 hours ago
EFCC boss to pay 17-year-old hacker’s school fees
-
News23 hours ago
Peter Obi replies Umahi, denies inciting southeast against FG
-
News22 hours ago
JUST IN: UniAbuja ASUU declares indefinite strike
-
News19 hours ago
Another Illegal settlement uncovered under Lagos bridge
-
Entertainment19 hours ago
US influencer alleges death threats over leaked Davido’s crying video
-
News3 hours ago
N3.5bn irregularities uncovered in Taraba varsity
-
News3 hours ago
Parents kick as Abuja varsity student slumps, dies in gym