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Dujith

Crypto exchange QuadrigaCX cannot access its currency due to dead owner

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Posted · Original PosterOP

Users of the Canadian QuadrigaCX crypto exchange cannot reach their currency due to the death of the owner while he was in India.

Gerry Cotten had Chrohn's disease and died due to complications from it in a hospital in India in early December 2018.

 

He had the cold wallet on his encrypted laptop and was the only person who knew how to decrypt it. Since just a little is in "hot" storage this is a problem.

As stated by his widow Roberson:

Quote

Robertson explained that “only a minimal amount of coins” were stored in the hot wallet, but specifics were not provided.

She added:

“The normal procedure was that [QuadrigaCX founder and CEO Gerald Cotten] would move the majority of the coins

to cold storage as a way to protect the coins from hacking or other virtual theft.”

 

The company has now filed for creditor protection, as can be seen on their website

Quote

Message from QuadrigaCX Board of Directors
January 31, 2019

Dear Customers,

An application for creditor protection in accordance with the Companies' Creditors Arrangement Act (CCAA) was filed today in the Nova Scotia Supreme Court

to allow us the opportunity to address the significant financial issues that have affected our ability to serve our customers.

The Court is being asked at a preliminary hearing on Tuesday February 5 to appoint a monitor, Ernst & Young Inc.,

as an independent third party to oversee these proceedings.

 

For the past weeks, we have worked extensively to address our liquidity issues, which include attempting to locate and secure our very significant cryptocurrency reserves held in cold wallets,

and that are required to satisfy customer cryptocurrency balances on deposit, as well as sourcing a financial institution to accept the bank drafts that are to be transferred to us.

Unfortunately, these efforts have not been successful. Further updates will be issued after the hearing.

 

Robertson has hired experts to decode the laptop she has in her possession since she does not have its password or recovery key.

The total is estimated at roughly $250 million CAD ($190 million) in both crypto currency and fiat

 

There are some doubts about the death of Cotton, but this might just be tinfoil hat territory. If true it would make a great movie :D 

More at reddit: https://www.reddit.com/r/QuadrigaCX/ (and if it get removed: https://www.reddit.com/r/quadrigaCX2)

 

Sources:

QuadrigaCX website - https://www.quadrigacx.com/

Coindesk - https://www.coindesk.com/quadriga-creditor-protection-filing

Tweakers - https://tweakers.net/nieuws/148688/cryptobeurs-quadrigacx-kan-niet-bij-120-miljoen-euro-aan-valuta-na-dood-eigenaar.html

 

My own thoughts:

While this seems like yet another reason to avoid crypto currency, i think its more a wake up call that we need better systems in place to avoid such things.

Though i have no idea what that would be without involving bigger banks or goverments (like in the Icesave debacle)

In this case it could have been avoided by simply appointing a notary, or any other solution's which didnt involve a single person holding all the keys.

 

I doubt they will be able to hack the laptop, but for the customers sake I hope so.

 

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They should take bank actions: don't tell the owners and just give them imaginary currencies they don't even have anymore

No one cares about our banks not having all our money, as long as they don't let the customers down, let's see what will happen to the exchange now

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11 minutes ago, Dujith said:

its sadly also something that happens with "normal" money and banks

But in that case AFAIK you will get back you money(there is a limit on how much but its heavily dependent on the country's laws). In this case the customers basically SOL... (Serves them right TBH, maybe now ppl will realize why they should avoid these fake "currencies",)

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its the problem crypto has right now, its decentralized until you need to sell it, many decentralized exchanges are poping up some of which should fix this type of problem. hopefully they gain traction

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Might want to ask if a quantum computer might be able to crack that key.


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ƆԀ S₱▓Ɇ▓cs: i7 6ʇɥפᴉƎ00K (4.4ghz), Asus DeLuxe X99A II, GT҉X҉1҉0҉8҉0 Zotac Amp ExTrꍟꎭe),Si6F4Gb D🅾🅼🅸🅽🅰🆃🅾r PlatinUm, EVGA G2 Sǝʌǝᘉ5ᙣᙍᖇᓎᙎᗅᖶt, Phanteks Enthoo Primo, 3TB WD Black, 500gb 850 Evo, H100iGeeTeeX, Windows 10, K70 R̸̢̡̭͍͕̱̭̟̩̀̀̃́̃͒̈́̈́͑̑́̆͘͜ͅG̶̦̬͊́B̸͈̝̖͗̈́, G502, HyperX Cloud 2s, Asus MX34. פN∩SW∀S 960 EVO

Just keeping this here as a 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̌̅̒̾̈́̆͌̌̾̎̽̐̅̏́̈̔͛̀̋̃͊̒̓͗͒̑͒̃͂̌̄̇̑̇͛̆̾͛̒̇̍̒̓̀̈́̄̐͂̍͊͗̎̔͌͛̂̏̉̊̎͗͊͒̂̈̽̊́̔̊̃͑̈́̑̌̋̓̅̔́́͒̄̈́̈̂͐̈̅̈̓͌̓͊́̆͌̉͐̊̉͛̓̏̓̅̈́͂̉̒̇̉̆̀̍̄̇͆͛̏̉̑̃̓͂́͋̃̆̒͋̓͊̄́̓̕̕̕̚͘͘͘̚̕̚͘̕̕͜͜͝͝͝͠͝͝͝͝͠ͅS̷̢̨̧̢̡̨̢̨̢̨̧̧̨̧͚̱̪͇̱̮̪̮̦̝͖̜͙̘̪̘̟̱͇͎̻̪͚̩͍̠̹̮͚̦̝̤͖̙͔͚̙̺̩̥̻͈̺̦͕͈̹̳̖͓̜͚̜̭͉͇͖̟͔͕̹̯̬͍̱̫̮͓̙͇̗̙̼͚̪͇̦̗̜̼̠͈̩̠͉͉̘̱̯̪̟͕̘͖̝͇̼͕̳̻̜͖̜͇̣̠̹̬̗̝͓̖͚̺̫͛̉̅̐̕͘͜͜͜͜ͅͅͅ.̶̨̢̢̨̢̨̢̛̻͙̜̼̮̝̙̣̘̗̪̜̬̳̫̙̮̣̹̥̲̥͇͈̮̟͉̰̮̪̲̗̳̰̫̙͍̦̘̠̗̥̮̹̤̼̼̩͕͉͕͇͙̯̫̩̦̟̦̹͈͔̱̝͈̤͓̻̟̮̱͖̟̹̝͉̰͊̓̏̇͂̅̀̌͑̿͆̿̿͗̽̌̈́̉̂̀̒̊̿͆̃̄͑͆̃̇͒̀͐̍̅̃̍̈́̃̕͘͜͜͝͠͠z̴̢̢̡̧̢̢̧̢̨̡̨̛̛̛̛̛̛̛̛̲͚̠̜̮̠̜̞̤̺͈̘͍̻̫͖̣̥̗̙̳͓͙̫̫͖͍͇̬̲̳̭̘̮̤̬̖̼͎̬̯̼̮͔̭̠͎͓̼̖̟͈͓̦̩̦̳̙̮̗̮̩͙͓̮̰̜͎̺̞̝̪͎̯̜͈͇̪̙͎̩͖̭̟͎̲̩͔͓͈͌́̿͐̍̓͗͑̒̈́̎͂̋͂̀͂̑͂͊͆̍͛̄̃͌͗̌́̈̊́́̅͗̉͛͌͋̂̋̇̅̔̇͊͑͆̐̇͊͋̄̈́͆̍̋̏͑̓̈́̏̀͒̂̔̄̅̇̌̀̈́̿̽̋͐̾̆͆͆̈̌̿̈́̎͌̊̓̒͐̾̇̈́̍͛̅͌̽́̏͆̉́̉̓̅́͂͛̄̆͌̈́̇͐̒̿̾͌͊͗̀͑̃̊̓̈̈́̊͒̒̏̿́͑̄̑͋̀̽̀̔̀̎̄͑̌̔́̉̐͛̓̐̅́̒̎̈͆̀̍̾̀͂̄̈́̈́̈́̑̏̈́̐̽̐́̏̂̐̔̓̉̈́͂̕̚̕͘͘̚͘̚̕̚̚̚͘̕̕̕͜͜͝͠͠͝͝͝͝͠͝͝͝͠͝͝͝͝͝͝ͅͅͅī̸̧̧̧̡̨̨̢̨̛̛̘͓̼̰̰̮̗̰͚̙̥̣͍̦̺͈̣̻͇̱͔̰͈͓͖͈̻̲̫̪̲͈̜̲̬̖̻̰̦̰͙̤̘̝̦̟͈̭̱̮̠͍̖̲͉̫͔͖͔͈̻̖̝͎̖͕͔̣͈̤̗̱̀̅̃̈́͌̿̏͋̊̇̂̀̀̒̉̄̈́͋͌̽́̈́̓̑̈̀̍͗͜͜͠͠ͅp̴̢̢̧̨̡̡̨̢̨̢̢̢̨̡̛̛͕̩͕̟̫̝͈̖̟̣̲̖̭̙͇̟̗͖͎̹͇̘̰̗̝̹̤̺͉͎̙̝̟͙͚̦͚͖̜̫̰͖̼̤̥̤̹̖͉͚̺̥̮̮̫͖͍̼̰̭̤̲͔̩̯̣͖̻͇̞̳̬͉̣̖̥̣͓̤͔̪̙͎̰̬͚̣̭̞̬͎̼͉͓̮͙͕̗̦̞̥̮̘̻͎̭̼͚͎͈͇̥̗͖̫̮̤̦͙̭͎̝͖̣̰̱̩͎̩͎̘͇̟̠̱̬͈̗͍̦̘̱̰̤̱̘̫̫̮̥͕͉̥̜̯͖̖͍̮̼̲͓̤̮͈̤͓̭̝̟̲̲̳̟̠͉̙̻͕͙̞͔̖͈̱̞͓͔̬̮͎̙̭͎̩̟̖͚̆͐̅͆̿͐̄̓̀̇̂̊̃̂̄̊̀͐̍̌̅͌̆͊̆̓́̄́̃̆͗͊́̓̀͑͐̐̇͐̍́̓̈́̓̑̈̈́̽͂́̑͒͐͋̊͊̇̇̆̑̃̈́̎͛̎̓͊͛̐̾́̀͌̐̈́͛̃̂̈̿̽̇̋̍͒̍͗̈͘̚̚͘̚͘͘͜͜͜͜͜͜͠͠͝͝ͅͅͅ☻♥■∞{╚mYÄÜXτ╕○\╚Θº£¥ΘBM@Q05♠{{↨↨▬§¶‼↕◄►☼1♦  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4 hours ago, Dujith said:

 

My own thoughts:

While this seems like yet another thing to avoid crypto, its sadly also something that happens with "normal" money and banks.

Tho in this case it could have been avoided by simply appointing a notary in just such a case, if only if there was a normal problem then this would not have

a single point of failure.

 

I doubt they will be able to hack the laptop, but for the customers i hope so.

 

 

I don't get why this is a reason to avoid crypto, to me this is a reason to avoid allowing OTHERS to hold you crypto like banks and exchanges. This shows how secure proper crypto storage can be. but in the terms of the company they shouldn't have all the crypto held by one person, it should be a multi key wallet or a single key know by another person or place (safe).

 

Multi key wallet is a wallet with more then 1 private key that requires more then 1 private key to sign a transaction, example of a common type, 3 key. 2 of the 3 key is required to sign a transaction to make it valid, with allows for 1 key to be lost, and full control is not under one person.


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4 hours ago, cj09beira said:

its the problem crypto has right now, its decentralized until you need to sell it, many decentralized exchanges are poping up some of which should fix this type of problem. hopefully they gain traction

what are some decentralized exchanges?


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Posted · Original PosterOP
5 minutes ago, The Benjamins said:

 

I don't get why this is a reason to avoid crypto, to me this is a reason to avoid allowing OTHERS to hold you crypto like banks and exchanges. This shows how secure proper crypto storage can be. but in the terms of the company they shouldn't have all the crypto held by one person, it should be a multi key wallet or a single key know by another person or place (safe).

 

Multi key wallet is a wallet with more then 1 private key that requires more then 1 private key to sign a transaction, example of a common type, 3 key. 2 of the 3 key is required to sign a transaction to make it valid, with allows for 1 key to be lost, and full control is not under one person.

I was commenting about this from a company standpoint. In it a single holder will cause just this.

But yeah, the coins i have are offline, and i case of my death i wont care anyway :D 

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6 minutes ago, The Benjamins said:

what are some decentralized exchanges?

Depends on the dex of the currency you want, the ones I know from the top of my head is Neblidex, ForkDelta, Enclaves and  IDEX.

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Quote

Robertson has hired experts to decode the laptop she has in her possession since she does not its password or recovery key.

Right, good luck with that...

5 hours ago, Dujith said:

While this seems like yet another thing to avoid crypto, its sadly also something that happens with "normal" money and banks.

Losing all your money because the only person who knew the password died? No, it doesn't happen in regular banks. This is more an organizational issue than a flaw of cryptocurrency though. This was a really stupid mistake on the company's part - you don't make your entire operation depend on a single person, ever. I mean, death aside, imagine the guy just fled to another country and held the password for ransom... or he simply forgot?


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Sauron'stm Product Scores:

Spoiler

Just a list of my personal scores for some products, in no particular order, with brief comments. I just got the idea to do them so they aren't many for now :)

Don't take these as complete reviews or final truths - they are just my personal impressions on products I may or may not have used, summed up in a couple of sentences and a rough score. All scores take into account the unit's price and time of release, heavily so, therefore don't expect absolute performance to be reflected here.

 

-Lenovo Thinkpad X220 - [8/10]

Spoiler

A durable and reliable machine that is relatively lightweight, has all the hardware it needs to never feel sluggish and has a great IPS matte screen. Downsides are mostly due to its age, most notably the screen resolution of 1366x768 and usb 2.0 ports.

 

-Apple Macbook (2015) - [Garbage -/10]

Spoiler

From my perspective, this product has no redeeming factors given its price and the competition. It is underpowered, overpriced, impractical due to its single port and is made redundant even by Apple's own iPad pro line.

 

-OnePlus X - [7/10]

Spoiler

A good phone for the price. It does everything I (and most people) need without being sluggish and has no particularly bad flaws. The lack of recent software updates and relatively barebones feature kit (most notably the lack of 5GHz wifi, biometric sensors and backlight for the capacitive buttons) prevent it from being exceptional.

 

-Microsoft Surface Book 2 - [Garbage - -/10]

Spoiler

Overpriced and rushed, offers nothing notable compared to the competition, doesn't come with an adequate charger despite the premium price. Worse than the Macbook for not even offering the small plus sides of having macOS. Buy a Razer Blade if you want high performance in a (relatively) light package.

 

-Intel Core i7 2600/k - [9/10]

Spoiler

Quite possibly Intel's best product launch ever. It had all the bleeding edge features of the time, it came with a very significant performance improvement over its predecessor and it had a soldered heatspreader, allowing for efficient cooling and great overclocking. Even the "locked" version could be overclocked through the multiplier within (quite reasonable) limits.

 

-Apple iPad Pro - [5/10]

Spoiler

A pretty good product, sunk by its price (plus the extra cost of the physical keyboard and the pencil). Buy it if you don't mind the Apple tax and are looking for a very light office machine with an excellent digitizer. Particularly good for rich students. Bad for cheap tinkerers like myself.

 

 

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1 hour ago, The Benjamins said:

 

I don't get why this is a reason to avoid crypto, to me this is a reason to avoid allowing OTHERS to hold you crypto like banks and exchanges. This shows how secure proper crypto storage can be. but in the terms of the company they shouldn't have all the crypto held by one person, it should be a multi key wallet or a single key know by another person or place (safe).

 

Multi key wallet is a wallet with more then 1 private key that requires more then 1 private key to sign a transaction, example of a common type, 3 key. 2 of the 3 key is required to sign a transaction to make it valid, with allows for 1 key to be lost, and full control is not under one person.

They should be avoided because they are purely speculation based. The only thing that gives them value is what people believe they are worth which as most have seen is very voilitile. 

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4 minutes ago, Brooksie359 said:

They should be avoided because they are purely speculation based. The only thing that gives them value is what people believe they are worth which as most have seen is very voilitile. 

That is how all currencies get their value, the backed by gold is a fallacy. A good example is when Brexit happened the value of the British pound plummeted, that is due to the PEOPLE of the world lost trust/value in the Pound. Their are plenty of other fiat currencies that show how their value is 100% controlled by the mind set of the people.

 

a few big issues with crypto being unstable is that it is mostly used as a investment vs a form of money (to buy goods and services) and also that it has a small market cap per say to its huge globe reach, where currencies with bigger market caps are less effected by the events crypto is effected by, but both are effected by it.


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18 minutes ago, The Benjamins said:

That is how all currencies get their value, the backed by gold is a fallacy. A good example is when Brexit happened the value of the British pound plummeted, that is due to the PEOPLE of the world lost trust/value in the Pound. Their are plenty of other fiat currencies that show how their value is 100% controlled by the mind set of the people.

 

a few big issues with crypto being unstable is that it is mostly used as a investment vs a form of money (to buy goods and services) and also that it has a small market cap per say to its huge globe reach, where currencies with bigger market caps are less effected by the events crypto is effected by, but both are effected by it.

That's absolutely inccorect. The reason the pound lost its value wasn't because of just public opinion but rather that leaving the EU mean trade with the EU has more barriers making the pound less able to buy goods and services from the EU on top of it being simply bad for the UK economy as a whole. A currency like the US dollar is backed by the economy in which it comes from and what you can buy with it there because as legal tender it has to be accepted. I don't get why this is such a hard concept to understand when it is something you learn in highschool economics. If currencies were pure speculation then you would see the same fluctuation as you see with crypto but you don't because they are backed by their respective economies. Obviously if something happens to an economy then a currency will fluctuate a bit but not to the extent of cryptocurrency. 

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37 minutes ago, The Benjamins said:

That is how all currencies get their value,

Nope, real money is backed by the economy of the country that uses it. Yeah its still prone to speculation to a certain degree but not as brutally as crypto. Which has literally nothing behind it.... Saying that crypto has any value is like thinking that you can pay with monopoly money.

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4 hours ago, ignaloidas said:

I think that many people just don't try to future and death proof their businesses and their secrets.

This, everyone thinks they'll be around forever and is why a lot of people don't have wills. Sooo many businesses have died when their owner has as there was never any kind of structure set in place to exchange ownership which really screws over a lot of employees.

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Posted · Original PosterOP
1 hour ago, Sauron said:

Losing all your money because the only person who knew the password died? No, it doesn't happen in regular banks. This is more an organizational issue than a flaw of cryptocurrency though. This was a really stupid mistake on the company's part - you don't make your entire operation depend on a single person, ever. I mean, death aside, imagine the guy just fled to another country and held the password for ransom... or he simply forgot?

Didnt mean that exact thing. Just that in the past banks have gone under and left people without money. The last few years luckly the goverment stepped in in some cases. But even then it wasnt for all the money. Tho this case is really stupid and could have been avoided :( 

 

6 minutes ago, imreloadin said:

This, everyone thinks they'll be around forever and is why a lot of people don't have wills. Sooo many businesses have died when their owner has as there was never any kind of structure set in place to exchange ownership which really screws over a lot of employees.

Happend in my area, a company specialized in laying watering pipes and such for gardens almost went out of business due to the owner dying and not having any plan for that.

30 men would have been out of work if the widow didnt do everything she could to transfer the business.  

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I believe the title should be "dead owner" or "death of the owner", not "death owner".  It took reading that several times and looking into the body to understand what was actually going on.  I spot other mistakes as well but this is the most significant.

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Posted · Original PosterOP
3 minutes ago, Ryan_Vickers said:

I believe the title should be "dead owner" or "death of the owner", not "death owner".  It took reading that several times and looking into the body to understand what was actually going on.  I spot other mistakes as well but this is the most significant.

I'll adjust that. Lost in translation :S

Plz point out the other stuff. I think this was my first post in here.

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1 hour ago, Brooksie359 said:

That's absolutely inccorect. The reason the pound lost its value wasn't because of just public opinion but rather that leaving the EU mean trade with the EU has more barriers making the pound less able to buy goods and services from the EU on top of it being simply bad for the UK economy as a whole. A currency like the US dollar is backed by the economy in which it comes from and what you can buy with it there because as legal tender it has to be accepted. I don't get why this is such a hard concept to understand when it is something you learn in highschool economics. If currencies were pure speculation then you would see the same fluctuation as you see with crypto but you don't because they are backed by their respective economies. Obviously if something happens to an economy then a currency will fluctuate a bit but not to the extent of cryptocurrency. 

 

The value is determined based on the peoples perception, it is DUE TO the economy of the PEOPLE. The people participating in a economy inherently control the value of the currency. Their is no outside magical force that determines the value of money for humans besides humans them selves.

 

1 hour ago, jagdtigger said:

Nope, real money is backed by the economy of the country that uses it. Yeah its still prone to speculation to a certain degree but not as brutally as crypto. Which has literally nothing behind it.... Saying that crypto has any value is like thinking that you can pay with monopoly money.

If no human has a influence on the value of a fiat currency who does?

You can't say economy because a economy is a structure that is created and determined by the mind-share of people.


if you want to annoy me, then join my teamspeak server ts.benja.cc

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1 hour ago, Dujith said:

I'll adjust that. Lost in translation :S

Plz point out the other stuff. I think this was my first post in here.

Quote

Users of the Canadian QuadrigaCX crypto exchange cannot reach their their currency due to the death of the owner while he was in India.

Gerry Cotten had the Chrohn's disease and died due to complications to from it in a hospital in India in early December 2018.

Robertson has hired experts to decode the laptop she has in her possession since she does not have its password or recovery key.

While this seems like yet another thing reason to avoid crypto, it's sadly also something that happens with "normal" money and banks.

Though in this case it could have been avoided by simply appointing a notary in just such a case, if only if there was a normal problem then this would not have

a single point of failure. (I don't even know what to convert this part into)

 

I doubt they will be able to hack the laptop, but for the customers' sake i I hope so.

Also for the title, it should be "access" :P 

 

Also I disagree with your claim that this happens with normal banks, but that's not a matter of grammar.

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Posted · Original PosterOP
13 minutes ago, Ryan_Vickers said:

Also for the title, it should be "access" :P 

 

Also I disagree with your claim that this happens with normal banks, but that's not a matter of grammar.

I have no clue what i meant with that last part. Must have been a brain fart.

As for my statement on normal banks: Now that i reread it it does not fit and i have adjusted it.

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