Crypto investors in a fix after exchange founder dies with their encrypted access worth $190m
The 30-year-old founder died in India, last December
Canada, Feb 06: Investors in QuadrigaCX, Canada’s largest cryptocurrency exchange are in a fix, after being unable to access their funds, which amounts to USD 190 million.
The reason behind them being unable to access the fund is reportedly the death of QuadrigaCX’s founder Gerald Cotton in December last year, apparently taking his encrypted access to their money with him.
The 30-year-old Cotten died of complications from Crohn’s disease in India, where ‘he was on a visit to build an orphanage for children in need’, according to the company.
The news of Cotton's death was followed by a decision from Canadian Imperial Bank of Commerce to freeze USD 28m worth of assets held by Quadriga citing it was ‘Unable to find identify the real owners of the funds’.
Robertson, who claim she was not involved in the business, has filed a court filing and has stated that there had been a “significant amount of commentary on Reddit and other web based platforms about Quadriga, Gerry’s death (including whether he is really dead) and missing coins”. She said she had also received threats and slanderous comments.
She also added in the filing that she has the access to Cotten’s laptop but is unable to open it owing to encryption of data. I do not know the password or recovery key. Despite repeated and diligent searches, I have not been able to find them written down anywhere.” She wrote to the court.
She has also hired an expert to decode the access, but he has so far failed to crack it.
The company on January 31, filed application for creditor protection in the Supreme Court of Nova Scotia. After delays of transaction.
At a court hearing on 5 February the company is seeking to appoint Ernst & Young as an independent monitor.
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Fire guts 22 furniture sheds in Hyderabad
Hyderabad (PTI): As many as 22 temporary roadside sheds where furniture was manufactured and sold have been gutted after a fire broke out in one of them here, and no one was injured in the incident, police and fire department officials said on Wednesday.
This massive fire accident occurred in an area under the Bachupally police station limits at around 11 pm on Tuesday. After originating in one of the sheds, the flames spread quickly to adjacent sheds, destroying wooden furniture and other materials required for manufacturing furniture.
Six fire tenders were rushed to the spot, and the fire was extinguished, a police official said.
Based on preliminary investigation, the official said the blaze started due to a short circuit.
Eye-witnesses have stated that there was a short circuit on a pole, and the wire fell onto the sofas, which caught fire. Within minutes, the fire spread, police said.
