The Hush Post | 13:55 | Two-minute read
Gerald Cotten, CEO of a Canadian Cryptocurrency firm has died. Thus Canada’s largest cryptocurrency exchange is unable to access millions in digital currency following his sudden death.
He had the password worth $190 million crypto-currency with him. The 30-year-old founder of Qquadriga CX firm, Gerald Cotten died in Jaipur, India on December 9, 2018 due to Crohn’s disease (an intestinal inflammation disorder).
This incident has left thousands of investors in a bind. Top security experts have been unable to unlock the crucial password. The Canadian cyptocurrency exchange says that the founder was the only one who knew the password. Through the password only can one get access to some $ 190 million in bitcoin and other funds.
The news of Cotten’s death became public only when his wife Jennifer Robertson had filed for credit protection in Canadian courts. Meanwhile, Nova Scotia Supreme Court granted ‘Qquadriga CX’ a 30 days stay on Tuesday in a bid to stop any lawsuit against the company. The company also granted protection from the creditors.
Cotten had filed a will just 12 days before he died. As per the documents, he left all his assets to his wife Jennifer Robertson.
Robertson says that Cotten was the sole officer and director of the cryptocurrency exchange firm. To avoid being hacked he moved the majority of digital coins into what’s known as cold storage or unconnected to internet.
Cotten was always conscious about security and his laptop, email addresses and messaging system were encrypted.
The cryptocurrency exchange firm was launched in December 2013. It allows users to deposit cash or cryptocurrency through its online trading platform. The company had 3,63,000 registered users, of which 92,000 have account balances owing to them in cash or cryptocurrencies.