Canadian crypto exchange QuadrigaCX can't repay $190 million in client holdings because its founder died late a year ago with the only password that would allow access to the funds, Coindesk reported.
Gerald Cotten, the 30-year-old founder of QuadrigaCX, died after complications of Crohn's disease, reported Sky News.
Cotten's laptop was encrypted, and his widow, Jennifer Robertson, and the expert she hired have been unable to access any of its contents. "Despite repeated and diligent searches, I have not been able to find them written down anywhere", she writes.
The online startup can not recover about C190 million dollars in crypto coins like Litecoin, Ethereum, Bitcoin and other crypto tokens which are held for the customers.
Robertson said that she and her colleagues have been threatened by online cryptocurrency communities, namely Reddit communities.
Mauricio Pochettino gives his verdict on Rafa Benitez's Newcastle United
Son had an earlier-than-expected return from the Asian Cup after South Korea was beaten by eventual champion Qatar in the quarterfinals.
Furthermore, the court documents also show that the exchange's CEO Gerald Cotten has filed for a will merely 12 days before his unexpected death.
"Unfortunately, these efforts have not been successful", the statement added.
Ernst & Young has been appointed the company's third-party monitor, to help manage Quadriga's finances during the process.
ANOTHER TIMELY REMINDER that cryptocurrency carries risks beyond the fact that its value has tanked, as $190m in currency is lying in limbo after the untimely death of a crypto exchange boss. Lawyers for some of the affected users were in the Halifax court today. As of Thursday, the site had 115,000 customers with outstanding balances.
Back to the present day, and Cotten's widow has been having to fend off questions of legitimacy surrounding the death all the while trying to follow up with security experts on how to gain access to the large sum of crypto - now behind nearly entirely insurmountable encryption. The company has been facing liquidity issues since January 2018, when the Canadian Imperial Bank of Commerce froze $26 million worth of assets following certain irregularities with payment processing.