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$190 million gone forever?
February 04, 2019, 03:52 PM
olfuzzy$190 million gone forever?
This would be a bummer
Customers of a Canadian cryptocurrency exchange are reportedly unable to access $190 million of funds after the company’s founder died with the passwords needed to access the money.
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.
Citing a sworn affidavit by Robertson as she filed for credit protection, Sky News reports that Cotten held “sole responsibility for handling the funds and coins.”
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.
In a statement posted on its website on Jan. 31, QuadrigaCX said that it applied for creditor protection in the Nova Scotia Supreme Court “to allow us the opportunity to address the significant financial issues that have affected our ability to serve our customers.”
“For 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,” the company added, in its statement. “Unfortunately, these efforts have not been successful.”
https://www.foxnews.com/tech/c...ers-190m-reports-sayFebruary 04, 2019, 04:03 PM
arcwelderWas it there to begin with? No.
Arc.
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Rode hard, put away wet. RIP JHM
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February 04, 2019, 04:28 PM
jhe888It is just as if someone buried cash and didn't tell anyone where it is.
Stupid, but not a novel problem.
The fish is mute, expressionless. The fish doesn't think because the fish knows everything. February 04, 2019, 04:38 PM
mcrimmCan’t take it with you? Bullshit.
I'm sorry if I hurt you feelings when I called you stupid - I thought you already knew - Unknown
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When you have no future, you live in the past. " Sycamore Row" by John Grisham February 04, 2019, 04:40 PM
gearhoundsSounds like a nice little scam they’ve perpetrated.
“Remember to get vaccinated or a vaccinated person might get sick from a virus they got vaccinated against because you’re not vaccinated.” - author unknown February 04, 2019, 04:46 PM
nhtagmembercryptocurrency?
yeah right, what a great scam - perfect way for Russian mobs and cartels to launder money
[B] Against ALL enemies, foreign and DOMESTIC
February 04, 2019, 04:55 PM
sigmonkeycleptocurrency
"the meaning of life, is to give life meaning" ✡ Ani Yehudi אני יהודי Le'olam lo shuv לעולם לא שוב! February 04, 2019, 05:01 PM
Georgeairquote:
Originally posted by gearhounds:
Sounds like a nice little scam they’ve perpetrated.
He was certainly committed to it!
You only have integrity once. - imprezaguy02
February 04, 2019, 05:07 PM
signewtit went back to where it came from....
thus another fascinating chapter in the New Tales of "Let's Pretend"
Good Luck on Chapter 11.
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February 04, 2019, 05:18 PM
WingedMedicquote:
Originally posted by gearhounds:
Sounds like a nice little scam they’ve perpetrated.
Maybe I'm paranoid, but when the article stated that he died in India, my first thought was "where is his body?"
A "security expert" his wife hired "can't break the password to his laptop??? Bullshit.
Crypto seed words (passwords) are extremely long, and I have never heard of anyone not keeping a physical copy of their account seed words somewhere safe... Especially when they are holding $190 million (valued at over $1 billion just a year ago).
If he was holding multiple different crypto currencies in multiple accounts (anyone who holds large amounts of crypto spreads it out among different accounts to protect it from hackers), then he would definitely have physical copies of the seed words somewhere safe.
Finally, she claims losing the seed words somehow prevents them from accessing the USD/CAD the exchange is holding... That makes zero sense as well.
Man mysteriously dies in India, with $190 million in hard to trace/untraceable assets... Riiiiight...
February 04, 2019, 05:24 PM
snorisquote:
Originally posted by jhe888:
It is just as if someone buried cash and didn't tell anyone where it is.
Buried as in a crypt—— :^))
February 04, 2019, 08:38 PM
jhe888quote:
Originally posted by snoris:
quote:
Originally posted by jhe888:
It is just as if someone buried cash and didn't tell anyone where it is.
Buried as in a crypt—— :^))
Nice.
The fish is mute, expressionless. The fish doesn't think because the fish knows everything. February 04, 2019, 09:46 PM
redstone"...Rosebud...."
This business will get out of control. It will get out of control and we'll be lucky to live through it. -Rear Admiral (Lower Half) Joshua Painter Played by Senator Fred Thompson February 04, 2019, 09:52 PM
snideraquote:
Originally posted by WingedMedic:
Man mysteriously dies in India, with $190 million in hard to trace/untraceable assets... Riiiiight...
But he was opening an orphanage, he must be a saint.
February 05, 2019, 05:25 AM
Timdogg6Password123 duh......
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February 05, 2019, 05:29 AM
RightwireOk ok I'll tell.... I'll tell. The password is... 1... 2... 3... 4... 5....
Pronoun: His Royal Highness and benevolent Majesty of all he surveys
343 - Never Forget
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There are three types of mistakes; Those you learn from, those you suffer from, and those you don't survive. February 05, 2019, 05:30 AM
gearhoundsquote:
Originally posted by Rightwire:
Ok ok I'll tell.... I'll tell. The password is... 1... 2... 3... 4... 5....
Hey! That’s the same combination on my luggage!
“Remember to get vaccinated or a vaccinated person might get sick from a virus they got vaccinated against because you’re not vaccinated.” - author unknown February 05, 2019, 05:52 AM
msfzoeMr Cotten discovered how to pull a U Haul behind a hearse.
February 05, 2019, 06:45 AM
egregore
What happens when money only exists in cyberspace.
February 05, 2019, 06:56 AM
gearhoundsquote:
Originally posted by egregore:
What happens when money only exists in cyberspace.
Aaaaand...it’s gone.
“Remember to get vaccinated or a vaccinated person might get sick from a virus they got vaccinated against because you’re not vaccinated.” - author unknown