£145m lost in crypto wallet as password owner dies

07 February, 2019, 13:47 | Author: Gerard Cortez
  • Did QuadrigaCX lie about its back up wallets in order to liquidate

Speaking to CCN, she said that one wallet containing 500,000 transactions still needs to be analyzed but it likely is not a cold wallet as well.

Very little cryptocurrency was stored in the hot wallet for security purposes.

The cryptocurrency market is huge, with around 12,000 exchange marketplaces where crypto-assets like Bitcoin, Ethereum and other digital coins are traded - a veritable smorgasbord for hackers to choose from.

"[The laptop] is encrypted and I do not know the password or recovery key", she said.

The problem is that Cotten was the only person who knew the password to access up to $190 million in customer funds.

The Vancouver-based exchange filed an application for creditor protection on January 31 and the Nova Scotia Supreme Court will be asked on February 5 to appoint a monitor to oversee the proceedings, according to a post on its website, which has been otherwise shut down. "Unfortunately, these efforts have not been successful", Quadriga said in a statement on its website. But adding to the story is that as the CBC reported, his widow has his encrypted laptop in her possession-but neither she nor a company they hired to try to hack the passwords has been able to figure it out. Rather than running off with its clients' cash, crypto or otherwise, QuadrigaCX owner, Gerald Cotten, 30, tragically died while working in an Indian orphanage - leaving the company's 115,000 users without access to their funds held in cold storage.

QuadrigaCX, which had nearly 115,000 users registered on the exchange up until last month, first encountered trouble in December 2018 after its 30-year-old founder, Gerald Cotten, unexpectedly passed away in India, New York-based news site CoinDesk reported. "Despite repeated and dilligent searches, I have not been able to find them written down anywhere".

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The money is now "unavailable and some of it may be lost", according to court filings by Robertson.

An expert is assisting in attempts to recover the information, but so far with limited success.

A number of web-based conspiracies have been speculated on forums such as Reddit about the locked up cryptocurrency, and Robertson claims she has received a number of threats since Cotten's death. His widow has signed an affidavit to confirm that the cryptocurrency is owed to customers, but that neither she nor anyone else has the necessary codes to access the cold-stored cash.

Robertson says that she has received online threats as a result of the freaky deadlock.

Xitong Zou and others are part of an informal committee of affected users that retained law firm Bennett Jones LLP and McInnes Cooper to represent them during the creditor protection proceedings.

The company could have access to about $30 million in bank drafts, but regular financial institutions have made it clear they are nervous about handling those funds, Chiasson told the court.

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