Crypto Exchange QuadrigaCX Missing $145 Mln After Death of Founder

A liquidity crisis at Canadian crypto exchange QuadrigaCX is the result of lost access keys for the exchange’s cold wallets.

Following the sudden death of its founder Gerry Cotten, cryptocurrency exchange QuadrigaCX is reportedly missing CA$190 million dollars ($145 million) in digital assets, Canadian news daily The Globe and Mail reports on Feb. 1

Citing a creditor protection filing from the Nova Scotia Supreme court, the Globe and Mail states that the firm has been unable to locate or access the funds since Cotten passed on Dec. 9, leading to a liquidity crisis at the exchange. QuadrigaCX filed for creditor protection in compliance with the Companies’ Creditors Arrangement Act (CCAA) on Feb. 1.

The exchange only has CA$375,000 ($286,000) in cash, while it owes CA$260 million ($198,435,000) to its users.

The exchange kept most its assets in offline storage systems called cold wallets, which are…

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2019-02-02 02:36:00

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Written by Cointelegraph

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