Canadian crypto exchange reportedly loses $190 million of customers’ money after founder dies

Canada's cryptocurrency exchange QuadrigaCX users are unfortunately the only ones that Gerald Cotten, the founder of Exchange, recently died and knows, according to CoinDesk . Important passwords.

The QuadrigaCX website recently went down and the company applied for creditor protection. Cotten's wife said she was trying to solve the "liquidity problem." Cotten's wife filed a $ 250 million CAD ($ 190 million) for her company to protect user funds from hackers. Some of the user coins were not connected to the Internet Kept in a "cold wallet" that is not a physical device. According to his wife, Cotten was the only person who had access to the device and had no password to decrypt it. The company also suffered several banking and payment processor problems with some organizations that have funded QuadrigaCX.

Some experts were skeptical of the exchange's argument, pointing out that some of the wallets had seen some activity since it was released. However, if you deploy the decryption feature on a device that your company can not actually access, thousands of users will not be able to recover their funds.

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