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Millions in cryptocurrencies frozen after Canadian

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3 months 1 week ago #1353704 by abcc


ph.news.yahoo.com/millions-cryptocurrenc...lRvf0B5JgjqZ27XibzTk

Millions in cryptocurrencies frozen after Canadian founder's death
Reuters Reuters5 February 2019
Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on motherboard in this illustration picture
Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 13, 2018. REUTERS/Dado Ruvic/Illustration/Files
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By Tyler Choi

TORONTO (Reuters) - About C$180 million ($137.21 million) in cryptocurrencies have been frozen in the user accounts of Canadian digital platform Quadriga after the founder, the only person with the password to gain access, died suddenly in December.

Gerald Cotten died aged 30 from complications with Crohn's disease while volunteering at an orphanage in India, according to the Facebook page of Quadriga CX, which announced his death on January 14.

The platform, which allows the trading of Bitcoin, Litecoin and Ethereum, filed for creditor protection in the Nova Scotia Supreme Court last week.

Quadriga has 363,000 registered users and owes a total of C$250 million to 115,000 affected users, according to an affidavit filed by Cotten's widow Jennifer Robertson on behalf of the company.

Robertson said in the affidavit that Cotten's main computer contained a "cold wallet" of cryptocurrencies, which is only accessible physically and not online, and his death left "in excess of C$180 million of coins in cold storage."

Robertson said she was not involved in Cotten's business while he was alive and did not know the password or recovery key.

"Despite repeated and diligent searches, I have not been able to find them written down anywhere," she said.

Robertson said that she has consulted an expert who has had "limited success in recovering a few coins and some information" from Cotten's other computer and cell phones, but the majority remains untouched on his main computer.

Quadriga's troubles highlight the unique challenges of cryptocurrencies, Dean Skurka, vice president of rival platform Bitbuy.ca, said in an interview with the Canadian Broadcasting Corp.

"This really highlights the need for the government to take action and regulate cryptocurrency exchanges," Skurka said.

Robertson said in her affidavit she has received online threats and "slanderous comments", including questions about the nature of Cotten's death, and whether he is really dead.

($1 = 1.3119 Canadian dollars)



(Reporting by Tyler Choi; Editing by Sonya Hepinstall)

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3 months 1 week ago #1353715 by abcc

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3 months 1 week ago #1353737 by homer_simpson
Replied by homer_simpson on topic Millions in cryptocurrencies frozen after Canadian
Di talaga dapat na lahat ina-outsource sa cloud tulad ng digital wallet.

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3 months 1 week ago #1353962 by WiredIdeas
Ang lesson dyan eh dapat multisig wallet custodianship para kahit mamatay pa yung isa makukuha nyo pa laman ng wallet lol

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2 months 3 weeks ago #1355637 by abcc
Share your password na lang.
Mamatay man tayo buhay pa ang password.

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