WORLD NEWS
Confusion! Cryptocurrency Company Thrown in Debt After Founder Dies With Passwords
Canada’s leading cryptocurrency exchange company QuadrigaCX has been thrown into great debt when its founder died with their passwords.
Founder Gerald Cotten, 30, died “due to complications with Crohn’s disease” in December 2018, his wife, Jennifer Robertson, said.
Mr Cotten held “sole responsibility for handling the funds and coins” and no other members of the team could access the stored funds, Jennifer said in a sworn affidavit as she filed for credit protection on 31 January 2019.
Ms Robertson said about $190m in both cryptocurrency and normal money is in “cold storage” – where the company, or just Mr Cotten in this case, holds the key, not the client.
The founder held “sole responsibility for handling the funds and coins” and no other members of the team could access the stored funds, she added.
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