Millions of Quadriga Cryptos frozen following founder’s death

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Millions of Quadriga Cryptos frozen following founder’s death

Over $137 million worth of Quadriga digital currencies had been frozen in the User Accounts, following the death of its founder, Gerald Cotten, a Canadian national, the only person who had access in to the wallet. Gerald Cotten, 30, the founder of Cryptocurrency, Quadriga, had died suddenly on last December, suffering from the complications of Crohn’s disease.

According to the Facebook page of Quadriga CX, which announced its founder’s death on January 14th, 2019, Gerald Cotten had died in India, while volunteering at an orphanage. The Quadriga platform used to allow trading of Bitcoin, Ethereum and Litecoin before getting watered, and it had also filed for a creditor protection in the Nova Scotia Supreme court last week.

Quadriga had 3,63,000 registered users and its current debt to its 1,15,000 affected users would sum up to Canadian dollar 250 million, according to an affidavit posted by Gerald Cotten’s widow, Jennifer Robertson on behalf of the company.

In the affidavit, Cotten’s widow had been quoted saying that the Cotten’s main computer had been containing the “cold wallet” of cryptocurrencies traded through the Quadriga, which could only be accessed physically and the Cotten was the only living person knew about the whereabouts of the crypto wallets, including passwords and recovery keys.

Jennifer Robertson, the Cotton’s widow also said that she was not involved in the business while Cotten was alive and she did not know the password of recovery key. Despite repeated and diligent searches, I have not been able to find them written down anywhere,” added Cotten’s widow, which left over C$180 million of crypto coins in cold storage.