Be careful about the Crypto-Exchanges you are in: Example: QuadrigaCX
QuadrigaCX was a one-man crypto exchange. Founded and run by the young entrepreneuer Gerald Cotten. His sudden death in India from Crohn's disease left more than 115,000 users of QuadrigaCX to nowhere. He was 30. It's a Canada based Crypto exchange.
The total amount seems gone with Mr. Cotten's death is about $135m.
The interesting point is: Mr. Cotten was running the exchange alone from his laptop. It was his home-based office. According to BBC report 'The laptop on which he conducted all the business is encrypted'.
And according to Business Insider, 'he was the only person with the passwords to access about $188 million worth of deposits'.
In the meantime, the company has filed for bankruptcy. In a statement, the company said: We have taken the website offline while QuadrigaCX is in the CCAA (Companies' Creditors Arrangement Act) process.
I guess every crypto investor should know about this story in details. So here are the links:
BBC Report: Quadriga: The cryptocurrency exchange that lost $135m. Link: here
Business Insider: 'The bigger mystery is why anyone trusted Quadriga in the first place': The story of the CEO who died with the passwords to $190 million of cryptocurrency is getting stranger by the day. Link: here
QuadrigaCX: Message from QuadrigaCX. Link: here
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