Money

Estimated $190 Million In Crypto-Currency Untouchable As Password Dies With Owner

We have all heard the saying you can’t take it with you when you go, and in most cases, this saying does hold true.  However, it appears that one man has achieved this very act—to the tune of $190 million.

An article published in the magazine Fortune reported, when Gerald Cotton, founder, and owner of QuadriagaCX died suddenly in December due to complications from Crohn’s Disease, so did the password to his crypto-currency account containing an estimated $190 million.

With no password to access the account, the funds are currently frozen solid as ice.  Cotton’s widow, Jennifer Robertson, has been reported to have signed an affidavit stating that the cryptocurrency and other such related products are currently stored on a specialized server.

Cotton seemed to think that this was the only way to keep the currency from theft and hacking.  However, the server, as well as Cotton’s personal laptop, is so heavily encrypted that no one, even hackers that are masters at in their field, has been able to crack any of the codes to allow access.

Image: Georgia Straight

Robertson stated that in the name of keeping the accounts as secure as possible, Cotton was the only known individual who had access to the password for the funds and coins.  She went on to say “despite repeated and diligent searches, I have not been able to find them written down anywhere.”  As a result, the massive inventory of currency owned by Quadriga is currently unavailable.  There is also fear that a good portion of the crypto-currency may indeed end up being lost when all is said and done.

Although it was reported that Cotton died in December in India, there are those conspiracy theorists that have offered the suggestion that he did, in fact, take it with him.  These individuals believe that Cotton absconded with the company funds, and even go so far as to state he very well may have faked his own death.

Image: CCN

Putting QuadrigaCX’s trust factor at additional risk is that the company chose not to announce the CEO’s death until mid-January, more than a month after they had gotten notice of his passing.  This somewhat risky decision only made suspicious and worried customers even more so.  Many states other than the fact they waited a month to announce Cotton’s passing, there is no obituary, no proof of death, and limiting of crypto withdrawals is tripping off warning bells as well as feeding into the already present concerns and suspicions.