Bitcoin Brouhaha: Scam? What now, QuadrigaCX?

The hottest drama hogging the digital currency headlines is the shutdown of crypto exchange QuadrigaCX, the ensuing loss of $190 million worth of client funds following the death of its founder and the widespread allegations of an exit scam.

No password, no money

Canadian digital cash exchange QuadrigaCX has disclosed that it cannot repay most of its clients to the tune of $190 million following the recent demise of its 30-year-old founder Gerald Cotten, who happens to be the only person with access to the exchange’s “cold storage facility,” password.

Cotten passed away in India in December last year, based on a Coindesk report, Friday.

QuadrigaCX recently filed for creditor protection, and in a sworn affidavit with the Nova Scotia Supreme Court, Cotten’s wife Jennifer Robertson bared that the crypto exchange owes its clients some $190 million.

In order to protect its client’s funds from hacking, a portion of its user-coins were deposited in a “cold wallet” storage — a…

Read Full Story : Live Bitcoin News

2019-02-04 06:36:00

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Written by Livebitcoinnews

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