Bitcoin investors may have lost 127 million euros, now that the Canadian digital trading platform QuadrigaCX has died without leaving his passwords. The Canadian Gerald Cotten owned the stock exchange for bitcoins and other crypto coins. The 30-year-old entrepreneur died on December 9 during a trip in India, according to Canadian media to complications associated with a chronic inflammatory bowel disease, Crohn’s disease.
Gerald Cotten was the owner of the fair for bitcoins and other crypto coins.
Since then, his colleagues can no longer access the so-called ‘cold portfolios’ of the platform. These portfolios are not only offline, for fear of hackers breaking into, but they also have heavy digital security. Based on legal documents, Canadian media and the Coindesk news site report that Cotten is the only one who knows the access codes. QuadrigaCX applied to the Canadian court of Halifax for deferment of payment last Thursday. It is under fire from the crica 115 thousand victims.
The company has stated that it has been busy for weeks trying to crack its own digital safes. “Unfortunately, these attempts have not been successful,” said QuadrigaCX. The widow of Cotten, Jennifer Robertson, has stated that the laptop is encrypted. She could not find a password or a method to open the computer. “Despite repeated and intensive attempts, I couldn’t find a note anywhere.” Hired experts were also unable to crack the laptop or the digital wallets.
The trade in digital currencies still has few regulations. The stock markets were regularly in the news due to attacks by hackers, who stolen tens of millions of euros. Coins such as Bitcoin and Ethereum lost a large part of their value in the past year.
QuadrigaCX has even more problems. It would also not be able to release an amount of 46 million euros, which is deposited in Canadian dollars with ordinary banks. This week, the lawsuit surrounding the company will continue. The company may be placed under the authority of a manager.