Home / / Cryptocurrency exchange loses access to $137m

Cryptocurrency exchange loses access to $137m

Crypto exchange founder dies leaving user accounts locked on encrypted laptop

Cryptocurrency exchange loses access to $137m
Currency exchange Quadriga is unable to access some 115,000 user accounts.

A Canadian cryptocurrency exchange is unable to access around $137m in crypto funds after its founder died without sharing his password with anyone.

Quadriga, Canada's largest crypto exchange, is unable to account for C$180m in customer funds after the death of Gerald Cotton. The 30-year old founder had sole responsibility for handling crypto accounts, and his sudden death in December has seen the company locked out of user accounts.

All accounts were accessed through the founder's encrypted laptop, and the company had made no backup provision for passwords or access management in such an event. Experts have been unable to assist the company in restoring some 115,000 Quadriga user accounts.

Quadriga has now filed for creditor protection.

Follow us to get the most comprehensive technology news in UAE delivered fresh from our social media accounts on Facebook, Twitter, Youtube, and listen to our Weekly Podcast. Click here to sign up for our weekly newsletter on curated technology news in the Middle East and Worldwide.

REGISTER NOW | Webinar Event | Security you can bank on – Safeguarding the Middle East’s financial sector

Presented in partnership with security and network specialist Cybereason, the second in the three part webinar series will bring together a panel of experts to discuss how banks and financial institutions are evolving their service offering while simultaneously staying one step ahead of the cyber criminals who seek to bring their operations crashing to the ground.

CHANNEL AWARD 2018