A cryptocurrency fund boss died. Investors’ money may be encrypted forever

Canadian Apex Court Appoints Ernst & Young Inc. to Investigate Into the Lost Funds of QuadrigaCX

Canadian Apex Court Appoints Ernst & Young Inc. to Investigate Into the Lost Funds of QuadrigaCX

Users' cryptocurrency wallets were kept offline, ensuring hackers couldn't get at them. In his passing, a huge $190 million in various cryptocurrencies is locked away as Cotten was the only one with the passwords.

Remember cryptocurrencies? Those digital coins caused quite a ruckus back in late 2017, slurping up all our graphics cards, yet despite the current slump there's still a lot of money wrapped up in the crypto game.

He reportedly died in India in December, Coindesk.com reported.

The company's digital platform allows trading of Bitcoin, Litecoin and Ethereum.

The 30-year-old had sole control of the company's "cold storage" - including handling the exchange's funds and coins - with no one else knowing the password or recovery key for his encrypted laptop.

Ernst & Young has been appointed the company's third-party monitor, to help manage Quadriga's finances during the process.

Cotten's widow Jennifer Robertson said in an affidavit she was not involved in the business while he was alive and the laptop which he used is encrypted.

The Canadian exchange, QuadrigaCX, also has another $53 million in cash that it owes to users frozen. Robertson announced the news of her husband's passing on social media via the company's Facebook page on January 14, writing.

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Quadriga's "cold wallets" contain inaccessible assets belonging to around 115,000 customers, according to Robertson's court filings.

The CBC broke the story, after Gerald Cotten, CEO of crypto exchange QuadrigaCX, died (as his company put it): "due to complications with Crohn's disease" while on a trip to India in December.

The time period can be extended by the court if QuadrigaCX is able to demonstrate that it will likely file a Plan of Arrangement and the extension is not damaging to creditors.

"After Gerry's death, Quadriga's inventory of cryptocurrency has become unavailable and some of it may be lost", Robertson said, adding that the company's access to currency has been "severely compromised" and the firm has been unable to negotiate bank drafts provided by different payment processors.

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

Ms Robertson said in her affidavit she had received online threats and "slanderous comments", including questions about the nature of Mr Cotten's death, and whether he is really dead. 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. I withdrew money from my Quadriga account to my bank more than 2 weeks ago.

"We're still struggling to find out who they are", he said.

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