{"id":2445,"date":"2019-02-06T13:42:31","date_gmt":"2019-02-06T13:42:31","guid":{"rendered":"https:\/\/www.aptnewsghana.com\/?p=2445"},"modified":"2019-02-06T13:44:06","modified_gmt":"2019-02-06T13:44:06","slug":"crypto-trader-boss-dies-with-password-to-clients-110m","status":"publish","type":"post","link":"https:\/\/www.aptnewsghana.com\/index.php\/2019\/02\/06\/crypto-trader-boss-dies-with-password-to-clients-110m\/","title":{"rendered":"Crypto trader boss dies with password to clients\u2019 \u00a3110m"},"content":{"rendered":"\n

Canada\u2019s leading cryptocurrency exchange company has said it cannot \nrepay $190m (\u00a3110m) to clients because its founder died with their \npasswords.<\/p>\n\n\n\n

QuadrigaCX\u2019s\n founder Gerald Cotten, 30, died \u201cdue to complications with Crohn\u2019s \ndisease\u201d while travelling in India to open an orphanage in December, his\n wife Jennifer Robertson said.<\/p>\n\n\n\n

Mr Cotten held \u201csole responsibility\n for handling the funds and coins\u201d and no other members of the team \ncould access the stored funds, she said in a sworn affidavit as she \nfiled for credit protection on 31 January.<\/p>\n\n\n\n

Ms Robertson said about $190m (\u00a3110m) in both cryptocurrency and normal money is in \u201ccold storage\u201d \u2013 where the company, or just Mr Cotten in this case, holds the key, not the client.<\/p>\n\n\n\n

The founder held \u201csole responsibility for handling the funds and \ncoins\u201d and no other members of the team could access the stored funds, \nshe added.<\/p>\n\n\n\n

She has her husband\u2019s laptop but she does not know the \npassword and a technical expert they hired had not been able to bypass \nits encryption, she told the court.<\/p>\n\n\n\n

On 31 January the company\u2019s \nboard of directors applied for creditor protection, with Ernst & \nYoung expected to be appointed on Tuesday to oversee the proceedings.<\/p>\n\n\n\n

A statement from the board said: \u201cFor the past weeks, we have worked extensively to address our liquidity issues, which include attempting to locate and secure our very significant cryptocurrency reserves held in cold wallets, and that are required to satisfy customer cryptocurrency balances on deposit, as well as sourcing a financial institution to accept the bank drafts that are to be transferred to us.<\/p>\n\n\n\n

\u201cUnfortunately, these efforts have not been successful.\u201d<\/p>\n\n\n\n

QuadrigaCX customers have been complaining on social media that they have not been able to withdraw money from their accounts.<\/p>\n\n\n\n

Ally\n Shapoval wrote: \u201cHello, Quadriga! I withdrew money from my Quadriga \naccount to my bank more than 2 weeks ago. WHERE IS MY MONEY? STILL NOT \nTHERE.<\/p>\n\n\n\n

\u201cI sent you emails, you are not responding.\u201d<\/p>\n\n\n\n

Another \nwrote in French: \u201cI have sent lots of emails, but I just get automatic \nresponses, I\u2019m not even able to get my crypto out.\u201d<\/p>\n\n\n\n

Some are questioning whether Mr Cotten is even dead and others have accused the company of lying to them.<\/p>\n\n\n\n

Ms Robertson added in the affidavit that she and her colleagues have had threats made against them from online cryptocurrency communities \u2013 especially from Reddit users.<\/p>\n\n\n\n

credit: sky.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Canada\u2019s leading cryptocurrency exchange company has said it cannot repay $190m (\u00a3110m) to clients because its founder died with their passwords. QuadrigaCX\u2019s founder Gerald Cotten, […]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":2446,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_newsletter_tier_id":0,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[8],"tags":[479,295],"class_list":["post-2445","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-crypto","tag-nam1"],"yoast_head":"\nCrypto trader boss dies with password to clients\u2019 \u00a3110m - Apt News Ghana<\/title>\n<meta name=\"description\" content=\"She has her husband\u2019s laptop but she does not know the password and a technical expert they hired had not been able to bypass its encryption\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.aptnewsghana.com\/index.php\/2019\/02\/06\/crypto-trader-boss-dies-with-password-to-clients-110m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto trader boss dies with password to clients\u2019 \u00a3110m - 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