Cryptocurrency investors lose $190m after founder dies

Article link @ The Guardian

Sucks to be them, eh?

I can't believe they didn't have a backup plan in case the top dog got hit by a bus.

I guess these private crypto-currency things have no insurance, either?

 

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I am so jaded...I am sitting here thinking: 'yeah..sure..dead..right...got a bridge you'd like to sell me?"

 

I was thinking the same thing when I read the article last night.

 

He took it with him.

 

Well.
At least it's "safe"

I read about that when it first happened. All these lawsuits ... but they need the crypto key. Guess they'll have to figure out how to crack the keys.

just wait for the hackers to steal it all ...

 

St. Peter doesn't accept crypto currency at the pearly gates I've heard.

 

he might be buying himself out of another scenario ...

 

Hell hath no furry like a lost password.
(Author Unknown)

 

well ... oops

excerpt (link below)
... the passing of Quadriga CX Chief Executive Officer Gerald Cotten, who died Dec. 9 in India from complications of Crohn’s disease. He was 30.

Cotten was always conscious about security -- the laptop, email addresses and messaging system he used to run the 5-year-old business were encrypted, according to an affidavit from his widow,... He took sole responsibility for the handling of funds and coins and the banking and accounting side of the business and, to avoid being hacked, moved the "majority" of digital coins into cold storage.

His security measures are understandable. Virtual currency exchanges suffered at least five major attacks last year. Japan, home to some of the world’s most active digital-asset exchanges, has also hosted two of the biggest known crypto hacks: the Mt. Gox debacle of 2014 and the theft of nearly $500 million in digital tokens from Coincheck Inc. last January.

The problem is, ... can’t find his passwords or any business records for the company. Experts brought in to try to hack into Cotten’s other computers and mobile phone met with only "limited success" and attempts to circumvent an encrypted USB key have been foiled ...

https://www.bloomberg.com/news/arti...ounder-dies-leaves-behind-200-million-problem

 

The ultimate Ponzi scheme.

Dude's probably sitting on a beach somewhere sipping drinks out of coconuts.

 

I'd say now he's taken them into the coldest storage of all.

 

Who says you can’t take it with you when you die?

 

Wait a minute! Wait a minute! He had Crohn's Disease? That's something that affects the whole gastrointestinal tract. Who in their right mind, who had a serious chronic intestinal tract disorder and did not have to be living in India, would go there and have to deal with eating veggies washed in risky water, and other organisms that might irritate a pampered tummy and foreign bowel? That doesn't even make sense.

 

It apparently was a risk he was willing to take for a 30 yr old.

 

Perhaps he thought he could get more effective alt-med treatment there.

Or perhaps it's a scam.

 

You can be smart and stupid at the same time.

Faked his own death to keep $190 million? Quite possible.

 

Of course I should not judge this person I do not know. G-d forgive me.

 

I told my coworkers yesterday that he faked his death. Now today it comes out that he filed his will shortly before. Definitely faked it.

 

Fishy or not, it clearly shows the dangers of dealing with an unregulated financial system.