While cryptocurrency was ruling over more than one lakh holders; nobody was prepared to face such a shock. When a young CEO Gerry Cotten of a ruling cryptocurrency Company QuadrigaCX of Canada suddenly died at the age of 30 yrs only. It was reported that there was an asset of about $190 million in that Canadian cryptocurrency exchange company; the keys; passwords; and access of which was only with the CEO himself and no one else. Even when the Supreme Court enquired the CEO’s widow Jennifer Robertson, she also reported the same. For the proper security and avoiding the risks of hackers; the funds were kept in a strong safety.
About $137 million were held in cold storage in liquid cash!
Gerry Cotten was the only person to have access over the funds. The situation has become severe as the creditors are filing complaints to gain back their funds.
The Access to Cryptocurrency Keys Still With Gerry Cotten
Though the Court has ordered for a 30 day waiting period to find out the keys to the lost crypto; it seems that Robertson is facing even more troubles. While she tries to connect Cotten’s laptop where he used to save all the access keywords and passwords saved. The laptop is also encrypted with double locks, the credentials of which is not with Robertson to log in. Even the help of security contractors proved to be unsuccessful.
Gerry Cotten’s sudden death on 14th January due to Crohn’s disease. While traveling to India for the intention to set up an orphanage was not that much shocking to the cryptocurrency world; as nobody was aware of this access trouble issue. Even from that day till now; many of the creditors kept on investing as the automated systems keep on depositing the money. This incident seems a big blow to the overall cryptocurrency users.
Emin Gun Sirer, adviser and professor of computer science, Cornell University said; “It’s astounding to me that a company of this size can be run with the same accounting procedures of Joe’s Fish ‘n Chips, with a single person in charge and no accountability. That’s far from the norm. It’s not a good look for our industry.“
The six years old Company Quadriga is now seeking protection from its creditors. The other co-founder Michael Patryn and Directors who have already left the Company; Before said that through all the years the keys of the assets were centralized. Various procedures and backups are on a search to crack the storage for the access.