After Canadian digital platform Quadriga’s founder, Gerald Cotton died suddenly in December, about C$180 million ($137.21 million) in cryptocurrencies have been frozen in its user accounts.
Gerald Cotten died aged 30 from complications with Crohn’s disease while volunteering at an orphanage in India, according to the Facebook page of Quadriga CX, which announced his death on Jan. 14.
Gerald was the only person with password to gain access of Quadriga.
It has 363,300 registered users and owes a total of $250 million to 115,000 affected users.
Jennifer Robertson, wife of Gerald said she was not involved in Cotton’s business while he was alive & did not know the password or recovery key... MILLIONS FROZEN in CRYPTO CURRENCIES after Founder’s Death…
“His death left “in excess of C$180 millions of coins in cold storage – JENNIFER ROBERTSON wife of GERALD COTTON
“Despite repeated and diligent searches I have not been able to find them written down anywhere – JENNIFER ROBERTSON wife of GERALD COTTON
The platform, which allows the trading of Bitcoin, Litecoin, and Ethereum, has now filed for creditor protection in the Nova Scotia Supreme Court last week.
Robertson said in the affidavit that Cotten’s main computer contained a “cold wallet” of cryptocurrencies, which is only accessible physically and not online, and his death left “in excess of C$180 million of coins in cold storage.”
Robertson said that she has consulted an expert who has had “limited success in recovering a few coins and some information” from Cotten’s other computer and cell phones, but the majority remains untouched on his main computer.
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Quadriga’s troubles highlight the unique challenges of cryptocurrencies, Dean Skurka, vice president of rival platform Bitbuy.ca, said in an interview with the Canadian Broadcasting Corp.
“This really highlights the need for the government to take action and regulate cryptocurrency exchanges,” Skurka said.
Robertson said in her affidavit she has received online threats and “slanderous comments”, including questions about the nature of Cotten’s death, and whether he is really dead.
Bitcoin, Cryptocurrencies