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Title: 190 million gone forever? Crypto boss dies with passwords needed to unlock customer accounts
Source: [None]
URL Source: https://www.investmentwatchblog.com ... d-to-unlock-customer-accounts/
Published: Feb 6, 2019
Author: staff
Post Date: 2019-02-06 14:50:02 by Horse
Keywords: None
Views: 132
Comments: 1

Gerald Cotten, the 30-year-old founder of QuadrigaCX, died due to complications with Crohn’s disease, according to Sky News, citing Cotten’s wife, Jennifer Robertson. The executive reportedly passed away in December while traveling in India to open an orphanage.

About $190 million in cryptocurrency and traditional money is said to be in “cold storage,” with the digital key held by Cotten. While Robertson has Cotten’s laptop, she does not know its password and even a security expert has been unable to get past the device’s encryption.

www.foxnews.com/tech/cryptocurrency-exchange-chief-dies-with-passwords-needed-to-unlock-customers-190m-reports-say

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#1. To: Horse (#0)

I read that. It is absolutely unforgivable and grossly negligent for the leaders of this company to ever put $190 million within one heartbeat of oblivion.

And then let the only guy with the passwords to fly to India?

**NO** excuses whatsoever. This is not the fault of crypto. Crypto currency has the ability to lock funds up with multiple keys, such that some of the keys -- i.e. 3 out of 5 possible keys -- are required to unlock the funds and send them elsewhere. Had this company done this, it would have provide committee oversite over security while also allowing for any 2 keys to be lost forever while still being able to access all the funds.

And I would never put $190 million worth of crypto in a single wallet anyway. You need to diversify it into several hundred wallets to protect against hacking.

$190 million? What absolute buffoons were they? Gross, gross, gross negligence. Or, possibly, a grand fraud. Maybe the guy isn't really dead?

I hate this stuff as it really damages public perception of crypto which offers great benefits to the economy.

People need to minimize their trust with exchanges. Put money in, exchange it, and pull it out. There are reasons why trusting banks with fiat currency is required, but those reasons do not apply to crypto.

Pinguinite  posted on  2019-02-06   15:10:31 ET  Reply   Trace   Private Reply  

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