Cryptocurrency investors locked out of $190m after exchange founder dies -

Grog

kiwifarms.net
Leaving your coins on the exchange is like buying something and then leaving it on the counter.
 

St Michael

Take your shoes off inside my house, please
kiwifarms.net
Sucks that some boys are out 190 million but at least my crypto is worth a little bit more now.
 
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Cantra

Crashed into Slumber
kiwifarms.net
Looks like they've managed to access the wallets now? But...

Efforts to recover millions in crypto-cash from the digital wallets of a man who died without revealing passwords to access them have hit a snag.

The wallets have been found to be empty.

The discovery was made by a firm appointed to oversee QuadrigaCX after the death of founder Gerald Cotten. It expected to find the wallets full of C$180m ($137m; £105m) in crypto-cash deposited by the coin exchange's customers. Mr Cotten, who died in India in December, had sole responsibility for handling the funds and coins passing through the site.

In a report on its discovery, E&Y investigators said they did not know what had happened to the bitcoins they expected to find in storage.

However, the company said, it found evidence that Mr Cotten had 14 other user accounts "created outside the normal process" that may have been used to trade on the QuadrigaCX exchange.
E&Y is now trying to gather information about the trading done via these other accounts to see if it can trace how much crypto-cash passed through them.
A reward of $100,000 has been offered by one former QuadrigaCX customer for information about where the exchange's cash has gone.
"The unregulated nature of cryptocurrency exchanges, plus the fact that so many use them to hold their coins rather than just exchange them, invites fraud," said security expert Dr Alan Woodward from the University of Surrey.
"We really need exchanges to be regulated," he said. "The big question is who would do that."
He added: "If anyone is using an exchange to hold their coins I would encourage then to do the most in-depth due diligence they possibly can."
Oops
 

error

kiwifarms.net
When people say crypto is super secure


?
To put this simply, there are more Bitcoin keys than all the grains of sand on Earth.
To bruteforce an address takes immense amounts of computing power. They are gonna have to wait for quantum computers to get their funds back.
 

Terrorist

Osama bin Ladkin
kiwifarms.net
I hope you guys are all millionaire angel investors with cash to burn bc lol if your hopes and dreams are riding on this shit
 

Chexxchunk

Take it off the rack, if it's wack put it back
kiwifarms.net
Lol, Bitcoin OG since 2011. Bought at 2.12
Bitcoin WILL break $100k. Sorry you missed the train
I'd have cashed out as soon as I could live off the interest and never thought about money again.
Hell, if I was that rich, I'd probably just go full Howard Hughes and just disconnect from reality completely.
 
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CrunkLord420

not a financial adviser
Supervisor
True & Honest Fan
kiwifarms.net
$190m just sitting there, never to be seen again.

Damn.
To this date the cold wallet addresses have not been made public, we don't know for certain that the money wasn't gambled away prior to his death. It's frankly unacceptable that those addresses have not been made public so actual technical people can monitor the situation, unlike the boomers appointed by the courts who ended up losing an addition million dollars by sending some hot-wallet coins to the wrong address.

Also the $190m USD valuation is probably more like $300+ million since the bull market, as the implosion happened in the depths of the bear market.
 
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