Death of Cryptocurrency Exchange Admin Leads to $145 Million Frozen Funds

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A Canadian Cryptocurrency Exchange portal has been in a massacre since the death of its owner has gotten the Cryptocurrency Funds to get completely frozen in the offline wallet. This led the users or the customers of the portal in to heavy trouble. A message has been posted on the website stating that the exchange, QuadrigaCX, has filed for legal protection in accordance with the Canadian Law against its creditors until the access to the funds are resumed.

The customers have started to face all sort of problems since December 2018 when the CEO of the Cryptocurrency Exchange portal, Gerry Cotten passed away as h was suffering from Crohn’s disease in Jaipur of India. It has been reported that Cotten was the only one to have access to the cold wallet of the company. After his death it became a little bit tough to access the Cryptocurrency Funds due to lack of the password. Still the company was not that much affected till the next one month as the company ran with the liquidities that were stored in the online or hot wallet and fiat currency bank accounts.

It has been reported that the death of the CEO, Gerry Cotten remained unknown to most of the users of the Cryptocurrency Exchange until his widow Jennifer Robertson disclosed the news of his passing away on Reddit that triggered a mass funds withdrawal that proved to destabilize the exchange. There have been certain efforts put on extensively attempting to secure and locate the Cryptocurrency Funds held in the cold wallet of the Cryptocurrency. But nothing seemed to work that much. They even tried to hire an IT professional to decrypt Cotten’s laptop to get hold of the password, as per the report of CNN.

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