Canada’s biggest cryptocurrency exchange, QuadrigaCX is battling to retrieve $190 million belonging to 115,000 clients.
The owner who is the only one who knew the password to access the amount went to the grave with the password.
The founder Gerald Cotten, 30 years of age died of complications from Crohn’s disease while doing philanthropic work in India in early December, according to a post on QuadrigaCX’s Facebook page.
The company didn’t announce Cotten’s death until more than a month after he died. Then, as customers panicked and tried to withdraw their funds, QuadrigaCX’s website went down and the company went off the grid. For security purposes, very little cryptocurrency was stored in the hot wallet, according to an affidavit by Cotten’s widow, Jennifer Robertson.
Cotten’s laptop was encrypted, and Robertson and the expert she hired have been unable to access any of its contents, Robertson’s affidavit said. It said the company had no corporate bank accounts and used third-party services to manage payments and withdrawals.
QuadrigaCX’s board of directors wrote in a Thursday letter to 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, Unfortunately, these efforts have not been successful”.
The mysterious circumstances surrounding Cotten’s death have spawned many conspiracy theories, most of the aggrieved customers suggested that Cotten is faking his death as part of an exit scam.


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