Cryptocurrency firm CEO dies, taking with him passwords that has locked up $190 million

logistopath

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A 30-year old CEO of a Canadian cryptocurrency firm reportedly died in India from complications from Crohn's disease (an intestinal inflammation disorder) taking with him passwords that has locked up $190 million in investor cryptocurrency.


Read here -
https://m.timesofindia.com/business/india-business/canadian-cryptocurrency-firm-ceo-dies-in-india-taking-password-to-190-million-with-him/amp_articleshow/67858198.cms

https://www.foxnews.com/tech/cryptocurrency-exchange-chief-dies-with-passwords-needed-to-unlock-customers-190m-reports-say.amp

So, what happens in such cases, assuming there is no way to recover the password?
 

indy1811

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Conspiracy theorists on reddit suggest that he has faked his death. Apparently, transactions are still being carried out from an LTC account linked to that person/org.
 
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logistopath

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Interesting read here, although I couldn't understand most of the technical parts of it: https://blog.zerononcense.com/2019/02/04/quadrigacx-chain-analysis-report-pt-1-bitcoin-wallets

  1. It appears that there are no identifiable cold wallet reserves for QuadrigaCX.

  2. It appears that QuadrigaCX was using deposits from their customers to pay other customers once they requested their withdrawal.

  3. It does not appear that QuadrigaCX has lost access to their Bitcoin holdings.

  4. It appears the number of bitcoins in QuadrigaCX’s possession are substantially less than what was reported in Jennifer Robertson’s (wife of allegedly deceased CEO and Owner Gerry Cotten) affidavit, submitted to the Canadian courts on January 31st, 2019.

  5. At least some of the delays in delivering crypto withdrawals to customers were due to the fact that QuadrigaCX simply did not have the funds on hand at the time. In some cases, QuadrigaCX was forced to wait for enough customer deposits to be made on the exchange before processing crypto withdrawal requests by their customers.

  6. After completing the analysis, it is the author’s opinion that QuadrigaCX has not been truthful with regards to their inability to access the funds needed to honor customer withdrawal requests. In fact, it is almost impossible to believe that this is the case in lieu of the empirical evidence provided by the blockchain.
Conspiracy theorists on reddit suggest that he has faked his death. Apparently, transactions are still being carried out from an LTC account linked to that person/org.
Yeah. So many unanswered questions. It seems the company was in trouble for almost a year, and then suddenly this. Naturally, everyone is suspicious.[DOUBLEPOST=1549435720][/DOUBLEPOST]Add to it the fact that the CEO had signed a will in November 2018 leaving most of his assets to his wife. Perfect recipe for conspiracy theories.

Wonder if, when and how much the investors will get back their money!
 
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cute.bandar

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Keeping bitcoins with with someone else is like opening a bank in your home. The whole point of bitcoin is destroyed the moment someone gives the private keys to some exchange.
 

Soyab0007

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Keeping bitcoins with with someone else is like opening a bank in your home. The whole point of bitcoin is destroyed the moment someone gives the private keys to some exchange.
things are changing a lot in crypto world. a lot of exchanges hacks realizing people to keep custody of their own coin.
decentralized, privacy and anonymous is the future in crypto.
 

cute.bandar

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Being decentralized is the whole concept/point of bitcoin, not just future :) . The only exchange that should be used, are those used to convert from/to other currencies.