It is one thing to die on someone, it is another to die on millions of cryptos. Not being insensitive to the deceased, but the $200 million apx worth quadriga coins are lost forever.
This is just another example of the industry being too naive, young and highly unregulated.
Quadriga CX has not only lost its man in control, the CEO but, also a great deal of fortune, that the technology will not understand that was lost. Gerald Cotten, died on Dec. 9, 2018, been almost two months since, in India from complications of Crohn’s disease. The issue has not been able to be resolved yet and seems like people have given up. He was 30, nobody that young prepares to die, but in a world that operates solely on technology and that gives little or no margin for human error because it is too young right now is the root of this mess.
The online startup can’t retrieve about C$190 million ($145 million) in Bitcoin, Litecoin, Ether and other digital tokens held for its customers, according to court documents filed Jan. 31 in Halifax, Nova Scotia. Nor can Vancouver-based Quadriga CX pay the C$70 million in cash they’re owed.
Cotten was always conscious about security. He is not the first entrepreneur to freak out like so. The laptop, email addresses and the messaging system he used to run the 5-year-old business were encrypted, according to an affidavit from his widow, Jennifer Robertson.
Ironically the decentralized currency was being handled by a very centralized and authoritarian man who was too possessive and cynical to let go off of his hold on his company and assets.
He took sole responsibility for the handling of funds and coins and the banking and accounting side of the business and, to avoid being hacked, moved the “majority” of digital coins into cold storage.
“After Gerry’s death, Quadriga’s inventory of Cryptos has become unavailable and some of it may be lost” and that they might be “severely compromised”.