Cryptocurrency Firm Losses $145 Million After CEO Dies With Only Password

It’s a terrible situation. And I’m a terrible person. So my laughter is acceptable.

QuadrigaCX, the largest bitcoin exchange in Canada, has claimed to have lost CAD 190 million (nearly USD 145 million) worth of cryptocurrency after the exchange lost access to its cold (offline) storage wallets.

Reason? Unfortunately, the only person with access to the company’s offline wallet, founder of the cryptocurrency exchange, is dead.

Following the sudden death of Gerry Cotten, founder and chief executive officer QuadrigaCX, the Canadian exchange this week filed for legal protection from creditors in the Nova Scotia Supreme Court until it locates and secures access to the lost funds.