Cryptocurrency holders may lose $145 million

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The death of Gerald Cotten, the Chief Executive Officer of Digital-asset exchange Quadriga CX has left one question unanswered, how do the company’s customers recover their combined C$190 million ($145 million)?

This is a multi-million dollar question that only the late Cotten can answer, unfortunately for Quadriga CX’s customers. According to reports, Cotten died with the password that unlocks Quadriga CX’s digital “wallets” that houses the C$190 million. The “wallets” is an application that stores the keys to send and receive cryptocurrencies.

Buying and selling cryptocurrency is one of the more recent financial instruments people are using to diversify their investments, and there is very little stopping you from doing the same. But before diving headfirst into this world, there are some important guidelines you should make every effort to know, but who would have known this bizarre event could happen.

Cotten had died last year, December 9, 2018, in India from complications of Crohn’s disease, without transferring the passwords. This has prevented the online startup from retrieving about C$190 million ($145 million) in Bitcoin, Litecoin, Ether and other digital tokens held for its customers, according to court documents filed January 31 in Halifax, Nova Scotia.

Why is it so difficult to retrieve?
According to an affidavit from his widow, Jennifer Robertson, Cotten, who died at the age of 30, was described as a conscious person when it comes to security, prompting the encryption of the laptop, email addresses and messaging system he used to run the 5-year-old business.


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