A digital-asset exchange, Quadriga CX, has been thrown into confusion following the death of its CEO who died holding passkey to millions in customers coin – The online startup has been left in dilemma as it was unable to retrieve about C$190 million, which is approximately $145 million of customers’ money – Reports said experts brought in to try hack into Cotten’s other computers and mobile phone met with only limited success
More problems are brewing for a digital-asset exchange, Quadriga CX, following the death of its chief executive officer, Gerald Cotten, holding the only passkey that can unlock not less than $200 million in customers’ coins.
Bloomberg reports that the online startup has been left in dilemma and tragedy as it was unable to retrieve about C$190 million, which is approximately $145 million in Bitcoin, Litecoin, Ether and other digital tokens held for its customers.
Legit.ng gathers that following the death of the crypto CEO, Gerald Cotten, the only access to Quadriga CX’s digital “wallets” -an application used to store the keys that sends and receives crypto currencies, appeared to have been lost. Cotten, 30, was reported dead in December 9, 2019, in India following series of complications from Crohn’s disease.
According to reports, an affidavit from Cotten widow, Jennifer Robertson, revealed that the deceased CEO was always conscious about security, The affidavit added that the laptop, email addresses and messaging system he used to run the 5-year-old business were encrypted, with sources saying he was the sole person responsibility for the handling of funds and coins and the banking and accounting side of the business.
It was also reported that late Cotten’s security measures are understandable, with his window, Robertson admitting that said she couldn’t find his passwords or any business records for the company. Experts brought in to try to hack into Cotten’s other computers and mobile phone met with limited success Robertson reportedly said in the course of investigation: “After Gerry’s death, Quadriga’s inventory of cryptocurrency has become unavailable and some of it may be lost.”
In the wake of legal pressure, the company had prayed to Nova Scotia court to grant it creditor protection while it addressed significant financial issues created by its CEO’s demise. Part of the statement said: “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. Unfortunately, these efforts have not been successful.”
Meanwhile, it was reported that in its effort to curb the prevailing spread of fake information globally, WhatsApp said it was set to put a strict measure to message shared across the messaging platform by users of the app. Speaking about the development at an event in Jakarta on Monday, January 21, the company’s vice-president for policy and communications, Victoria Grand, announced that with the new policy, users would be blocked from forwarding messages to more than five individuals or groups, Guardian (UK) reported. NAIJ.com (naija.ng) upgrades to Legit.ng to serve its readers better Apostle Suleman’s scandal tops social media trends | Legit TV Read more:
According to reports, an affidavit from Cotten widow, Jennifer Robertson, revealed that the deceased CEO was always conscious about security, The affidavit added that the laptop, email addresses and messaging system he used to run the 5-year-old business were encrypted, with sources saying he was the sole person responsibility for the handling of funds and coins and the banking and accounting side of the business. It was also reported that late Cotten’s security measures are understandable, with his window, Robertson admitting that said she couldn’t find his passwords or any business records for the company.
Experts brought in to try to hack into Cotten’s other computers and mobile phone met with limited success Robertson reportedly said in the course of investigation: “After Gerry’s death, Quadriga’s inventory of cryptocurrency has become unavailable and some of it may be lost.” In the wake of legal pressure, the company had prayed to Nova Scotia court to grant it creditor protection while it addressed significant financial issues created by its CEO’s demise. Part of the statement said: “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. Unfortunately, these efforts have not been successful.”
Meanwhile, Legit.ng previously reported that in its effort to curb the prevailing spread of fake information globally, WhatsApp said it was set to put a strict measure to message shared across the messaging platform by users of the app. Speaking about the development at an event in Jakarta on Monday, January 21, the company’s vice-president for policy and communications, Victoria Grand, announced that with the new policy, users would be blocked from forwarding messages to more than five individuals or groups, Guardian (UK) reported.
