Canada Crypto Exchange Files For Bankruptcy After CEO Dies With Wallet Keys (news.bitcoin.com)
Death is complicated enough in the cryptosphere when a private investor dies with the private keys to their fortune.
The death of Gerald Cotten, founder and chief executive officer of crypto exchange Quadrigacx, has led to the loss of CAD $190 million stashed in the platform’s cold storage wallets.
Significant customer investments are understood to be locked up following the loss of cold storage wallets, especially since Quadrigacx was the largest crypto exchange in Canada by traded volume.
Cryptocurrency can be lost, particularly if the owner doesn’t share the private keys that allow access to the wallet to a third party by way of legacy management.
The treasury that held Quadrigacx funds was allegedly personalized around the late CEO who had to use his personal account for company funds, as banks kept as skeptical remove away from the crypto aspect of the business.
Original article reduced by: 80%
Read the full article here.
Related story: QuadrigaCX Owes Customers $190 Million, Court Filing Shows (coindesk.com)
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