Secured Crypto Wallets Found Empty After CEO’s Death, The Account Was Supposed To Have Millions

Gerald Cotten, founder of QuadrigaCX was the only person who knew the passwords to the storage of the money in the digital wallets. QuadrigaCX is a crypto exchange that exchanges Bitcoins and other kinds of cryptocurrency. After his death, QuadrigaCX had to be shut down and the responsibility of winding up the company was with the auditor Ernst & Young.

The 30-year-old Cotten was personally dealing with all the digital money and he had kept the money in cold storage to prevent it from any kind of fraud. When Ernst & Young tracked down the passwords by getting access to his laptop and the accounts were revealed, they were found empty.

The accounts were emptied months ago before Gerald died. The QuadrigaCX customer has decided to give away a reward of $100,000 to anyone who provides any information about the stolen money. Auditor Ernst & Young has also been trying to get some information on the missing cash. They are trying to know the details of all the transactions to know the amount it contained and where the amount must have gone.

The company had 115,000 customers before the owner passed away. He died of Crohn’s disease, he was detected with it in Jaipur, where he was opening an orphanage.

In the aspect of such unregulated cryptocurrency exchanges, Dr. Alan Woodward, a security expert from the University of Surrey, said, “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.

If anyone is using an exchange to hold their coins I would encourage them to do the most in-depth due diligence they possibly can.”

Right now, the company is hoping to get the case solved and get the missing money back.

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