Global One (G1)— It’s very important to keep a safe and secure password, but as one cryptocurrency found out recently, it’s sometimes important to sometimes have a backup.
Quadriga is reportedly unable to gain access to its estimated $145 million worth of bitcoin after its CEO died suddenly.
Thirty-year-old CEO Gerald Cotten was traveling in India when he died of complications from Crohn’s Disease — taking all of the company’s passwords with him.
Cotten was reportedly the only member of the company who knew the passwords.
His widow says his laptop is encrypted and added, “I do not know the password or recovery key. Despite repeated and diligent searches, I have not been able to find them written down anywhere.”
As of December, the company reportedly owed its clients roughly $250 million.
One customer — who tried and failed to withdraw $15,000 from his account — said, ‘”They’ve left us completely in the dark. I’m kind of preparing for the worst.”