$190M in cryptocurrency lost after Quadriga founder dies with password

Avoiding QuadrigaCX's $190 Million Disaster How Do the World's Largest Crypto Exchanges Store Funds? 1

Researchers at Zerononcense have also claimed they have traced cryptocurrency transfers from at least 31 customer wallets to company-owned accounts.

Mr. Chiasson, Quadriga's lawyer, said the company is aware that more than $180-million in cryptocurrency is "floating around out there" as is about $30-million in bank drafts the company has been unable to cash.

And though Ms Robertson is still in possession of her husband's laptop, she said she did not know the password. The mysterious circumstances also gave rise to theories that Cotten hadn't actually died (though Robertson included his death certificate with the affidavit), and at least one payment processing firm holding some of the company's cash funds disputed the amount attributed to it in the affidavit.

As a result, on Tuesday, a Vancouver court may appoint auditors Ernst & Young to act as an independent third party to oversee proceedings for Quadriga CX.

'[This includes] 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.

The statement added: "Unfortunately, these efforts have not been successful".

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Robertson's affidavit notes that a copy of Cotten's death certificate was submitted to the court, with the J.A. Snow Funeral Home stating that he died on December 9, 2018, in Jaipur, India.

Robertson said that she has consulted an expert who has had "limited success in recovering a few coins and some information" from Cotten's other computer and cell phones, but the majority remains untouched on his main computer.

Some customers and observers have expressed skepticism about reports of Cotten's death, given that QuadrigaCX took more than a month to disclose it, that the disclosure followed a long period of fiat and crypto withdrawal delays, and that the company did not provide documentation of his passing.

QuadrigaCX says it should be able to pay back its creditors, if the exchange can avoid bankruptcy and access said funds from the now lost cold wallets.

The CBC broke the story, after Gerald Cotten, CEO of crypto exchange QuadrigaCX, died (as his company put it): "due to complications with Crohn's disease" while on a trip to India in December. "Despite repeated and diligent searches, I have not been able to find them written down anywhere". I withdrew money from my Quadriga account to my bank more than 2 weeks ago.

"Gerry ran the business through his laptop, mostly at our home, but also wherever he happened to be", she wrote, saying home was mostly Fall River, a suburban community outside Halifax.

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