Customers of a QuadrigaCX’s crypto, Canada’s leading and largest cryptocurrency exchange are reportedly unable to access $190 million of funds after the company’s founder died with the sole master passwords needed to access the money.
QuadrigaCX’s founder Gerald Cotten 30, died in December last year in India, due to what the company calls “complications with Crohn’s disease”
Cotten met his untimely death on December 9, 2018, while traveling to India, where he was opening an orphanage to provide a home and safe refuge for children in need.
About $190 million in cryptocurrency and traditional money of over 120,000 customers is said to be in “cold storage,” with the digital key held by Cotten.
Robertson, the late Cottens wife is said to be in possession his laptop, she however claims she does not know its password and even a security experts who were hired have been unable to hack it.
“The laptop computer from which Gerry carried out the Companies’ business is encrypted and I do not know the password or recovery key. Despite repeated and diligent searches, I have not been able to find them written down anywhere,” said Robertson.
A statement from the board reads “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. Unfortunately, these efforts have not been successful. Further updates will be issued after the hearing,”
An application for creditor protection was filed in the Nova Scotia Supreme Court.