The only way to access the account is through the password or recovery key, which nobody knew about except Cotten.
Cryptocurrency worth around One Hundred and eighty million dollars have been frozen in the user’s accounts, after the founder of the Canadian digital exchange platform, died in December.
Gerald Cotten, the founder of Quadriga CX, died, at the age of 30, due to complications with Crohn’s disease. According to his company’s social media page, Cotten was in India, volunteering at an Orphanage at the time of his death.
Cotten’s widow filed for Creditor protection in Nova Scotia Supreme Court last week, on behalf of the company. According to the affidavit, Cotten’s central computer contained a “cold wallet” of cryptocurrency, which was not connected with the internet to avoid hacking. The only way to access the account is through the password or recovery key, which nobody knew about except Cotten. His death affected one hundred and fifteen thousand registered users of the company.
Dean Skurka of rival platform said that Quadriga’s trouble highlights the need for government to take action and regulate the cryptocurrency exchange.