Sunday, January 17, 2021

$190 Million Crypto Disaster! Is The QuadrigaCX Deadlock Real?


The young founder of a Canadian currency exchange company died in December. The 30-year-old had Crohn’s Disease and he lost the battle to the complications of it. Gerald Cotton, the founder of QuadrigaCX, was traveling to India to build an orphanage.

His wife, Jennifer Robertson, stated to Sky News that he was exclusively in charge of the coins and funds of the company. She signed an affidavit swearing that she has no additional knowledge regarding this issue and would like credit protection.

Despite the fact that Jennifer found her husband’s laptop, she didn’t know his login password. Surprisingly, a security professional failed to hack the encryption on the device as well.

The clients of this cryptocurrency company cannot get access to their $190 million funds ever since this founder died. Apparently, he was the key to this digital locker, which now seems to be buried along with him.

The issue has taken a flight to the social media as clients express their level of anger and annoyance at this drastic news.

On 31st January 2019, the company’s website presented a statement,

“An application for creditor protection in accordance with the Companies’ Creditors Arrangement Act (CCAA) was filed today 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. Unfortunately, these efforts have not been successful.”

Apparently, this is what is left of them.

Jennifer has stated to the media that QuadrigaCX holds possession of thousands of Ethereum, Bitcoin, Litecoin, and Bitcoin Cash.  This crypto-company has approximately 115,000 linked users with a balance of about $53.4 million cash and $137.6 million cryptos.

Unless someone cracks this code, this huge amount will be long lost leaving, QuadrigaCX in an unanticipated financial crisis.

Dr. Aysha Ashraf
She is a doctor working towards her dream to become a surgeon. She is very creative, artistic and knowledgeable. Furthermore, she is working on her passion to become a renowned writer. She loves to sketch, paint, write, dance, read and cook, and wishes to make a huge impact on people’s lives one day.

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