Cryptocurrency exchange loses access to $137m

Cryptocurrency exchange loses access to $137m
Currency exchange Quadriga is unable to access some 115,000 user accounts.
Published: 5 February 2019 - 8:33 a.m.
By: Mark Sutton

A Canadian cryptocurrency exchange is unable to access around $137m in crypto funds after its founder died without sharing his password with anyone.

Quadriga, Canada's largest crypto exchange, is unable to account for C$180m in customer funds after the death of Gerald Cotton. The 30-year old founder had sole responsibility for handling crypto accounts, and his sudden death in December has seen the company locked out of user accounts.

All accounts were accessed through the founder's encrypted laptop, and the company had made no backup provision for passwords or access management in such an event. Experts have been unable to assist the company in restoring some 115,000 Quadriga user accounts.

Quadriga has now filed for creditor protection.

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