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Canadian CEO carries password to USD 250 Mn in cryptoreserves to his grave

Feb 6, 2019 by The Passage Team
Canadian CEO carries password to USD 250 Mn in cryptoreserves to his grave

Gerald Cotton, CEO of QuadrigaCX, carried the password to access at least USD 250 million worth cryptocurrency to his grave. He died of complications arising from Crohn’s disease while visiting India on December 9, 2018. Nova Scotia's high court granted bankruptcy protection to the Canadian cryptocurrency exchange on Monday. Cotten's widow Jennifer Robertson has filed the application on behalf of the company.

QuadrigaCX sought protection from clients after failing to "locate and secure our very significant cryptocurrency reserves".

The encrypted computer Cotton has been using is believed to store the cryptocurrencies owed to 115,000 clients. Quadriga has around 363,000 registered users.

"I do not know the password or recovery key. Despite repeated and diligent searches, I have not been able to find them written down anywhere," Robertson said.

The company roped in an expert to crack the computer, she claimed. "The expert has had some limited success in recovering a few coins and some information on Gerry's cell phones and other computer, but not yet from the main computer he used to conduct business," she said.

Quadriga trades in Bitcoin, Litecoin and Ethereum.

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