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QuadrigaCX founder died over 190 Million missing
Old 02-06-2019, 07:18 PM   #1
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QuadrigaCX founder died over 190 Million missing

Unbelievable:

"Gerald Cotten, QuadrigaCX’s 30-year old co-founder, died suddenly in India due to complications from Crohn’s disease in December. The problem is, he apparently stashed around $180 million on digital wallets and didn’t share the passwords with anyone – not his business partners, and not even his wife."

https://ca.finance.yahoo.com/news/th...202318383.html

There are suspicions he faked his death, if I was an investor/depositor I'd want to "see" the body and have it DNA tested in USA.
Wouldn't be the first time someone fakes a death for money.
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Old 02-06-2019, 09:29 PM   #2
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He filed his will 12 days before his death and forgot the password to $180M in funds. I’m having a hard time believing there is no fraud going on here. I bet an autopsy request will yield some very interesting results.
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Old 02-06-2019, 11:29 PM   #3
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Too bad he has been cremated already...

According to this site, which lists a number of odd/weird suspicious things. Could all be coincidence, but very strange ?

Everyone talks about his laptop, that holds all the secrets and is encrypted.
Didn't he leave backups at home ?
Wasn't he worried, what if someone stole the laptop while he is traveling in India ?
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Old 02-07-2019, 10:07 AM   #4
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I've been following this story because it's such a train wreck. Having a backup at home would only help if it was not also encrypted. It's like having two locks that can be opened with the same key. If the only copy of the key is lost, then you can't open either lock.

From the company statements, it sounds like they are trying to break the encryption and have had some limited success. If that's how they plan to proceed, it will take many years to get access to everything, so maybe they're hoping to decrypt a file on the laptop that lists all the other keys and then use that to get the money back.

I also see lots of indications online that the company was shifting funds between different crypto currencies and funding withdrawal requests for some people by using other people's funds. On the one hand, this is pretty much how a bank operates, albeit with a lot more regulation and transparency; but on the other hand, it's also how a Ponzi scheme works, and there's plenty of speculation that even if they do manage to get into the wallets they'll be empty. It'll be interesting to see where the story goes from here.

Planet Money did an episode last year about recovering lost bitcoins that explains why it's so difficult to get into these wallets once the keys are lost. It's here: https://www.npr.org/sections/money/2...bitcoin-losers
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Old 02-07-2019, 10:37 AM   #5
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From the country that brought you Bre-X......




we like to be innovative...
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Old 02-07-2019, 10:40 AM   #6
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Time to call in the: Russian / North Korean / Iranian hackers - oh wait, they have already been in the system. all the assets are gone.

Moral of the story on flaky 2nd or 3rd rate cryptocurrency exchange : "Sleep with Dogs , you will get Fleas ".
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Old 02-07-2019, 10:48 AM   #7
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I heard on a podcast this morning (WSJ - Your Money Briefing) that creditors are trying to track the flow of funds through the block chain. The block chain contains a record of each transaction but is very difficult to sort out. So far, based on initial analysis, there is growing concern that the funds are not in the encrypted wallet, but just gone.
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Old 02-07-2019, 10:57 AM   #8
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Quote:
"The problem is, he apparently stashed around $180 million on digital wallets and didn’t share the passwords with anyone – not his business partners, and not even his wife."
The should offer 1/2 of the 180 million to the first guy who builds a workable quantum computer that can decrypt the wallet in a matter of seconds.
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Old 02-07-2019, 12:19 PM   #9
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90 million would be chump change to the guy who does that.
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Old 02-07-2019, 12:22 PM   #10
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Originally Posted by Chuckanut View Post
The should offer 1/2 of the 180 million to the first guy who builds a workable quantum computer that can decrypt the wallet in a matter of seconds.
But wouldn't a system that capable be able to do other, more profitable nefarious things?
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Old 02-07-2019, 12:42 PM   #11
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This guy is proof you can take it with you.
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Old 02-07-2019, 12:57 PM   #12
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This guy is proof you can take it with you.
And live happy ever after on a private island !
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Old 02-07-2019, 01:01 PM   #13
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Nothing like paper money. Just sayin' .
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Old 02-07-2019, 01:09 PM   #14
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Nothing like paper money. Just sayin' .
Yep. The Drug Cartels and other Organized crime still use pallets of bundled $ 100 Bills. None of that fancy computer stuff.
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Old 02-07-2019, 02:58 PM   #15
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Looks like whatever client funds he claimed were going into offline wallets went to his own personal accounts at other exchanges instead.

Wonder if his wife has access to those?
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Old 02-07-2019, 11:33 PM   #16
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Originally Posted by cathy63 View Post
I've been following this story because it's such a train wreck. Having a backup at home would only help if it was not also encrypted. It's like having two locks that can be opened with the same key. If the only copy of the key is lost, then you can't open either lock.

....
Correct, I only am thinking of backup as it has not been mentioned in any news I read, and this guy took THE laptop to India with him.
They constantly talk about the laptop and the encryption as though they are bound to each other.

So fishy, good thing he made up a WILL 11 days before he died. If he was truly thinking that way, shouldn't he have told someone 2 people, each 1/2 of the key ?
Or 3 people 1/3 of the key ?
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