Users of Canadian cryptocurrency exchange QuadrigaCX are unable to access most of their funds, according to CoinDesk, for an unfortunate reason as the founder of the crypto exchange Gerald Cotten died, and was the only person who knew a vital password.
QuadrigaCX’s website recently went down and the company filed for creditor protection, saying that it was trying to address some liquidity issues. In court filings, Cotten’s wife says that the company owes its users $250 million CAD, and that to protect its users funds from hackers, a portion of its users coins were kept in a cold wallet a physical device that isn’t connected to the internet.
Now as the Cotten was the only person with access to the device. According his wife she doesn’t have the password to decrypt it. The company also had several banking and payment processor issues, with some other organizations holding QuadrigaCX’s funds.