Crypto boss’s death leaves digital funds locked
$200m in cryptocurrencies is locked due to Quadriga CEO Gerald Cotten’s obsession with security
Digital-asset exchange Quadriga CX has a $200m problem with no obvious solution — this is the latest cautionary tale in the unregulated world of cryptocurrencies. According to court documents filed in January, the online start-up cannot retrieve about C$190m ($145m) in bitcoin, litecoin, ether and other digital tokens held for its customers — nor can the Vancouver-based Quadriga pay the C$70m in cash they owe. Access to Quadriga’s digital wallets — an application that stores the keys to send and receive cryptocurrencies — appears to have been lost with the passing of 30-year-old CEO Gerald Cotten, who died in December from complications around Crohn’s disease. Cotten was always conscious about security — the laptop, e-mail addresses and messaging system he used to run the five-year-old business were encrypted, according to an affidavit from his widow, Jennifer Robertson. Cotten took sole responsibility for everything regarding the business, from the handling of funds and coins, and ...
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