A crypto-currency exchange company called QuadrigaCX (a currency exchange company), lost 120 million dollars because the CEO Gerald Cotten died without giving the password to enter the system.
O founder and CEO, died in December last year unexpectedly. At stake are 190 million Canadian dollars distributed in various virtual currencies such as Bitcoin, Bitcoin Cash, Litecoin, Ethereum, among others. According to our source, the company would have a digital system to store cryptocurrencies that did not need to be connected to the Internet to carry out transactions.
This is a very common measure in companies in the sector that allows customer information to be secure, especially against hacker attacks. The problem is that this system is encrypted and protected with a password that only Gerald Cotten knew, revealed the CEO's wife.
Without this password it will be virtually impossible to recover the money. Given the difficulties of access, the company decided to close operations on 31 on January 2019 due to lack of liquidity and issued a communiqué on website to explain that he is working to "locate and secure" the crypto-coins reserves held by the company.
The company also said it has appealed to the Supreme Court of Nova Scotia so that an independent third party can oversee the proceedings and so that that entity can access customer reservations. According to the same newspaper, the 30-year-old CEO suffered from Crohn's disease, a chronic disease of the gastro-intestinal tract that mostly affects people aged 16 to 40, and died in India.
