So, yet another shitty exchange – this time, a Canadian one – which is unable to fulfill its obligations. Only this time the reason behind it is really… I don’t even know. It’s ridiculous, but tragic at the same time. I can’t even laugh at it, it’s that absurd.
The only person who was in charge of the “cold storage” password – the founder of QuadrigaCX – has unexpectedly died last December. So there is literally no one else who knows the password! There is a “hot wallet” also, but the amount of sum in it is insufficient to cover $190M repay.
Things are getting more and more suspicious with rumors about “death faking” and “significant funds” movement right before Cotten’s death. Wow. I bet Sherlock would love that case. Moreover, the exchange in question was already under the radar of the Canadian Imperial Bank of Commerce, which had to freeze $26M worth of assets due to “irregularities with payment processing.”
Anyhow, this is just another example of scamming and cheating in the crypto world. I seriously can’t understand those grown-up people who risk their investments there. How many more stories likes this one you need to open your Bitcoin-shadowed eyes?