Saturday, 20 April, 2019

Panicked investors can't get their US$190m after crypto exchange CEO dies

Gerald Cotten 30 died unexpectedly in December. Image Facebook Gerald Cotten 30 died unexpectedly in December. Image Facebook
Priscilla Morrison | 05 February, 2019, 04:10

Canada's largest cryptocurrency exchange is unable to access millions in digital currency following the sudden death of its founder.

Mr Cotten held "sole responsibility for handling the funds and coins" and no other members of the team could access the stored funds, she said in a sworn affidavit as she filed for credit protection on 31 January.

The troubled company has applied for creditor protection as it struggles to access its funds and repay its customers.

For the uninitiated, it is an accepted (and expected, depending on who you talk to) practice among people and company trading in cryptocurrency to store their coins into what is referred to as a cold wallet.

Gerald Cotten, 30, died of complications with Crohn's disease while doing philanthropic work in India in early December, according to a post on QuadrigaCX's Facebook page.

What was the password again?

Cryptocurrency exchange loses $145 million after CEO takes passwords to the grave

While Robertson has hold of the founder's laptop, she is unable to retrieve any passwords for it. Robertson has asked the court for a stay of proceedings to protect the company from lawsuits and buy time while QuadrigaCX tries to access the cryptocurrency tied up in its cold wallets.

Gerald Cotten, who owned QuadrigaCX, died in December. "Despite repeated and diligent searches, I have not been able to find them written down anywhere", said Jennifer Robertson, Cotten's widow, in an affidavit.

A statement from QuadrigaCX's board of directors said: 'For the past weeks, we have worked extensively to address our liquidity issues. After not being able to withdraw CA$15,000, he said, "They've left us completely in the dark".

In the debt filing, Robertson said she has faced threats and has seen speculation online about whether Cotten is actually alive - some comments on Reddit and elsewhere have speculated that his death could be an elaborate ruse to siphon money away from the exchange's customers.

Vancouver-based Quadriga says it filed an application for creditor protection on January 31 and the Nova Scotia Supreme Court will be asked on February 5 to appoint a monitor to oversee the proceedings.

Robertson said Quadriga would consider selling its cryptocurrency platform as an option to fulfill its obligations to customers and creditors.

More news: N'Golo Kante Reveals Maurizio Sarri Warning Which Inspired Huddersfield Thrashing

Recommended

  • Chinese new year marks the year of the pig

    Chinese new year marks the year of the pig

    In addition to the Gregory calendar, China also uses a zodiac calendar based on 12 animals. However, even today, eating meat is considered as a wealth and status symbol in China.
    Toy Story 4 teaser trailer finds Buzz Lightyear in trouble

    Toy Story 4 teaser trailer finds Buzz Lightyear in trouble

    A brief promo released late past year - showing a spork having an existential crisis - was likely not taken from the actual film. After years of being on her own, Bo's adventurous spirit and life on the road belie her delicate porcelain exterior.
    Pope Francis begins historic visit in UAE

    Pope Francis begins historic visit in UAE

    The conflict pits the Saudi-led coalition loyal to ousted President Abd-Rabbu Mansour Hadi against the Iran-aligned Houthi group. Welcome ceremony for the visiting Pope Francis at the UAE presidential palace in the capital Abu Dhabi on 4 February, 2019.
  • Former Colts earn Super Bowl ring with Patriots

    Former Colts earn Super Bowl ring with Patriots

    The Rams earned the dubious distinction of being tied with the '72 Miami Dolphins for scoring the fewest points in a Super Bowl. The lowest-scoring Super Bowl in history has been compared - and not favourably - to the Black Caps.
    Super Bowl preview: Rob Gronkowski's last stand

    Super Bowl preview: Rob Gronkowski's last stand

    We'll have to wait and see what happens because Gronk said after the game that he'd need a few weeks to make a decision. The soon-to-be 30-year-old has dealt with a variety of injuries during his nine National Football League seasons.
    Microsoft is reportedly bringing Xbox Live to Android

    Microsoft is reportedly bringing Xbox Live to Android

    The GDC page reveals Microsoft's plans for a cross-platform development kit that will connect to over two billion devices. Players could even restart select games on one platform at the point where they left off on another.
  • 'Scary Stories to Tell in the Dark' Teasers Released

    With a cast including Zoe Margaret Colletti , Michael Garza , Austin Zajur , Gabriel Rush , Kathleen Pollard , and Gil Bellows . The book series made us all sleep with a light on, and the movie is going to make us do the exact same thing.
    Egypt unearths more than 40 mummies in 'maze of tombs'

    Egypt unearths more than 40 mummies in 'maze of tombs'

    Their identities are still unknown, but the mummification method suggests they held important or prestigious positions. The discovery site was unveiled over the weekend to diplomats and journalists from a number of nations.
    Galaxy S10E Could Be Samsung's iPhone XR Killer

    Galaxy S10E Could Be Samsung's iPhone XR Killer

    The white is the most interesting color for the two Galaxy S10 models since it appears to have a gradient color scheme. For the majority who want a flagship handset at a lower price, Samsung will be releasing the Samsung Galaxy S10E .
  • Court documents: Witness claims that El Chapo had sex with minors

    Court documents: Witness claims that El Chapo had sex with minors

    The documents were ordered unsealed by US District Judge Brian Cogan at the request of The New York Times and Vice News . The jury has begun deliberations Monday at the USA trial of the infamous Mexican drug lord Guzman.
    Fast Food Super Bowl Sunday deals 2019

    Fast Food Super Bowl Sunday deals 2019

    States surrounding us had more traditional fare, with jalapeno poppers in IL , buffalo chicken dip in OH and pizza in MI . Google Trends also shows other data trends about the top Super Bowl searches.
    Demi Lovato deletes Twitter after making 21 Savage deportation comments

    Demi Lovato deletes Twitter after making 21 Savage deportation comments

    She responded to the accusations with the following statement: 'I know that's not a joke. not have I EVER laughed at that. According to reports, Sav is now in United States Immigration and Customs Enforcement custody in Georgia.

NCAA rules Kansas forward Silvio De Sousa ineligible through 2019-20 season NCAA rules Kansas forward Silvio De Sousa ineligible through 2019-20 season Kansas was in need of frontcourt help from De Sousa after losing starting center Udoka Azubuike for the season in early January. To take away his opportunity to play college basketball is shameful and a failure of the NCAA.

Thousands protest in Paris against police violence Thousands protest in Paris against police violence French daily Le Parisien said similar protests also took place in Lyon, Montpellier, Rouen, Nantes, Bordeaux, Toulouse and Marseille on Saturday.

Porzingis tells NBA Knicks fans to 'Stay Woke!' Porzingis tells NBA Knicks fans to 'Stay Woke!' ESPN then caught up to Cuban after the presser to ask if he's anxious that Porzingis may eventually sign elsewhere. When asked if that was true, Porzingis replied: "Listen, we're on the same page".

The Most Dangerous Glacier to Collapse Soon The Most Dangerous Glacier to Collapse Soon The hollow space that has taken 14 billion tons of ice , is located under the Thwaites glacier in West Antarctica. Thwaites Glacier is now responsible for about four per cent of global sea level rise, researchers said.

Kangana Ranaut On Manikarnika Controversy: They Won’t Get Anything By Feeling Jealous Kangana Ranaut On Manikarnika Controversy: They Won’t Get Anything By Feeling Jealous In that film, he should cast Sonu as a villain, Mishti as lead actress and he should hire Apurva to write the story of the film. So, if it's my power then, I have deserved it, I have earned it". "There is no point in feeling jealous or attacking me".

Maroon 5's Super Bowl performance: Adam Levine's torso can't save tedious affair Maroon 5's Super Bowl performance: Adam Levine's torso can't save tedious affair A crowd of conveniently cheerful extras thronged the stage for some of Maroon 5's pleasingly competent power pop. Maroon 5 teased the SpongeBob appearance in a January 13 tweet that documented some of their Super Bowl prep.

The fallen one - Mourinho takes embarrassing tumble at Russian ice hockey match The fallen one - Mourinho takes embarrassing tumble at Russian ice hockey match Mourinho was guest of honour at a Kontinental Hockey League (KHL) match between SKA and Avangard in Russian Federation . He made a rare public outing back in London at the weekend for the 19th birthday of his son, Jose Jr.

Florida State dismisses Deondre Francois after domestic violence accusation Florida State dismisses Deondre Francois after domestic violence accusation Had this been the first time, maybe you let it play out - but the trend of his history in Tallahassee meant it was time to go. Nagy's insight highlights the concerns that led to Francois being removed from the Seminoles football program.

Meghan Markle's inspirational banana messages branded 'offensive' by sex worker Meghan Markle's inspirational banana messages branded 'offensive' by sex worker As a result, the new outlet claims she has hired herself a birth partner, something the rest of the royal family hasn't done. The moment was captured on video , which means Harry and Duchess Meghan's reactions were captured live.

Beverly Hills 90210 reboot is happening says Tori Spelling Beverly Hills 90210 reboot is happening says Tori Spelling Probably, mostly because we're talking about one of the most popular series of the past several decades coming back in a new form. Spelling, Garth and Doherty all made cameos playing their original characters.

Leak of Trump's daily schedule prompts White House fury Leak of Trump's daily schedule prompts White House fury The director of Oval Office operations, Madeleine Westerhout , called the leak of the schedules "a disgraceful breach of trust". Trump's meetings, it indicates he has spent about 60 percent of his time in unstructured "executive time".

WhatsApp finally has the feature requested by many iPhone users WhatsApp finally has the feature requested by many iPhone users A fingerprint authentication feature appears to be under development for Android and it could be released in the coming update. To benefit from the new security feature, simply head to Settings / Account / Privacy and make sure to enable Screen Lock .

Ligue 1: Dembele stars as Lyon end PSG’s unbeaten run Ligue 1: Dembele stars as Lyon end PSG’s unbeaten run It was the first league defeat the Ligue 1 leaders have suffered all season as Dembele turned in a man-of-the-match showing. Do you think PSG will be able to cope without Neymar? "We must take it match by match and wait for the Champions League ".

The Handmaid's Tale drops eerie season 3 teaser during Super Bowl The Handmaid's Tale drops eerie season 3 teaser during Super Bowl Offred, who was born June Osborne, is one of the women desperate to flee the nightmarish nation to reach safety in Canada. The trailer ended with June back in her subservient red Handmaid's robe pushing back against the totalitarian regime.

Venezuelan Dictator Nicolás Maduro Appeals to Pope Francis for Support Venezuelan Dictator Nicolás Maduro Appeals to Pope Francis for Support The letter states "I am at the service of the cause of Christ", Maduro said, "and with this spirit I have asked for his help". Spain's Prime Minister Pedro Sanchez delivers a statement at the Moncloa Palace in Madrid, Spain, Monday, Feb. 4, 2019.