Cryptographic warehousers took passwords at tomb – SEK 1.3 billion locked



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QuadrigaCX: "Gerry took sole responsibility for managing the funds"

inAmanda Skagerström Lindau

When the founder of the Canadian encryption exchange QuadrigaCX died suddenly, he took the passwords for several accounts in the tomb.

In total, about 1.3 billion Swedish kronor are locked in the accounts – that no one else in the company has the codes.

"Despite repeated and diligent candidates, I could not find them written anywhere," said the founder's widow, Jennifer Robertson, the company's representative, according to AFP.

QuadrigaCX is Canada's largest exchange for encrypted currency exchange, such as bitcoin. When founder Gerald Cotton died in December last year, he took important business information with him to the grave.

He was the only one in the company who had the passwords for several large accounts.

In total, this amounts to 180 million Canadian dollars, or about SEK 1.3 billion, which is now blocked in the accounts, AFP reports.

1 out of 2 | Photo: QuadrigaCX

Gerald Cotten.

However, in India – it would open orphanages

Gerald Cotten was only 30 years old when he died from complications of Crohn's disease.

He left while on a trip in India, where he was due to open an orphanage "to provide a home and a safe haven for needy children," according to the company.

Due to Cotten's sudden approval, no one in the company assumes account management after him.

Passwords are not written

In a statement, the company writes that after weeks of unsuccessful attempts to "locate and protect our very significant reserves of encrypted currency," they have filed for bankruptcy protection.

– I can not reset my password or key. Despite the repeated and diligent search, I could not find them written anywhere, says Cotten's widow, Jennifer Robertson, representing the company, according to AFP.

The Supreme Court of Nova Scotia has already granted the request. This means that QuadrigaCX has at least 30 days to meet its debt requirements.

"Gerry took sole responsibility"

But to pay its debts, the company must therefore enter into blocked accounts, the so-called "cold pockets" – something that is not simply an exchange of encryption.

"Cold wallets are by their very nature heavily encrypted and kept on the QuadrigaCX server for security reasons," the company writes on its website, and continues:

"Gerry has taken sole responsibility for managing the funds for QuadrigaCX and thus no one else can access the money in the cold wallets."

In addition, they write that outsiders are hired to try to gain access to accounts. Currently, they have managed to access "some coins, but not many".

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