People who invested in cryptocurrency under the company “QuadrigaCX” will lose their money – nearly $190 milion – after the company’s founder died without transferring the passwords to anyone.
30-year-old Gerald Cotten, the pioneer of QuadrigaCX, Canada’s largest cryptocurrency exchange, died last year in India from complications with Crohn’s disease. Before his demise, he had the only password to unlock the funds and didn’t get to transfer that knowledge to anyone.
QuadrigaCX has lost nearly $190 million of their investors’ money following Cotten’s death as all efforts to get the passwords has failed. The deceased work laptop was recovered by his widowed wife but is unable to access it because she doesn’t know the password.
Although, according to the company they’ve hired a security expert to try to access the funds, but he has been unsuccessful so far. For now the company no longer accept investments on their platform after it was put on pause by directors late last month.