An unusual case involving crypto-coins has recently occurred in Canada: QuadrigaCX, the country’s largest crypto-currency trading company, no longer has access to a safe that holds about $ 190 million in virtual coins.
The case happened when company founder Gerald Cotten died unexpectedly last week. The problem is that Cotten was the only person who had the password for “cold storage” – a type of vault where all the long-term investments of investors are. To make matters worse, it is in this safe that most of the agency’s money is left, and Cotten’s widow has access only to the amount in the “wallet”, which is where the money is for transfers and transactions.
Even if the family got Cotten’s laptop, none of the family had the password to access it – and the IT professional hired by the family to try to force entry was not able to do the job. Thus, the company has no way of giving a return on investment to 115,000 clients, who invested a total value of US $ 70 million when creating the fund that is currently valued at around US $ 250 million.
This, of course, led to several conspiracy theories, alleging that Cotten forged his own death to flee with the money from the fund. For the time being, his widow is filing an application for credit protection under the Canadian government, since it is not known when and if it will be possible to access the fund at some point.