Bitcoin Investors Out $190 Million, After The Only Man Who Knew The Password To The Account Dies

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By 98.7 KLUV

There’s no denying that Bitcoin is a risky investment.

Well, any investment is risky, but considering what happened to this group of investors, you might want to think long and hard about investing in any kind of cryptocurrency.

A group of investors with the Canadian cryptocurrency exchange platform QuadrigaCX are out about an estimated $190,000,000, all after their CEO and founder, Gerald Cotten, passed away in early December.  You see, Cotten was the only person on Earth who had access to the exchange account's passwords.  

Nobody else knows the password, not even his own wife.  Jennifer Robertson, his widow, wrote in an affidavit, “The laptop computer from which Gerry carried out the company’s business is encrypted and I do not know the password or recovery key.  Despite repeated and diligent searches, I have not been able to find them written down anywhere.”

QuadrigaCX issued a statement on the matter that read:

For the past weeks, we have worked extensively to address our liquidity issues, which include attempting to locate and secure our very significant cryptocurrency reserves held in cold wallets, and that are required to satisfy customer cryptocurrency balances on deposit, as well as sourcing a financial institution to accept the bank drafts that are to be transferred to us. Unfortunately, these efforts have not been successful.

QuadrigaCX has applied for creditor protection in the Nova Scotia Supreme Court.

Via BroBible