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Wednesday, February 6, 2019

Investors Lose $190m As Owner Of Cryptocurrency Company Dies With Passwords

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QuadrigaCX, Canada's leading cryptocurrency exchange company, has said it cannot repay $190m to clients because its founder died with their passwords. Founder Gerald Cotten, 30, died "due to complications with Crohn's disease" in . Mr Cotten held "sole responsibility for handling the funds and coins" and no other members of the team could access the stored funds, she 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.

The company is also investigating whether some of the cryptocurrency could be secured on other exchanges, according to court files.
They say about 115,000 Quadriga users hold balances in their personal accounts in the form of cash obligations and cryptocurrency.
The company estimates it owes about C$250m ($190m; £145m) - including C$70m in hard currency.

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GUYS, WHAT DO YOU THINK?
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FACEBOOK COMMENTS

Akinkunmi Osinulu

It is just a game it can be actually get access to
1

Akinkunmi Osinulu

A single person can not have access to such money alone
1

Olayiwola Daniel

Dies with password ke..that man wicked o
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Mbah Cynthia Nkeiruka

Mmmmmm mmmmmm mmmmm oh this one die with password? Ochaaa oooo I smell a rat or sorry I smell lizard. Mecheew die ko password ni
1

Tee Ruby

Is this for real??? Make them come naija to collect password, wey dis pastors/prophets wey dey call people account numbers, work don come for them
1

Christian Chukwuka Anamali

Even oyibo dey scam niggas
1

Daniel Orji

Someone was preaching this crypto currency to us in a seminar last year, but i never believed in it, i sees it as a scam! When i saw it on the news yesterday i wasn't surprised. Unfortunately people will not still learn
1

Endy Edeson

@All: it's not as if crytocureency is 100% bad or crashed like mmm , this is a company issue. A case of a greedy boss. Other crytocurrency companies are still in operation. That being said, it is still a risky business to venture into.
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Gevan Steffan

Western word Scammers of the highest level
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