This is panic at QuadrigaCX, one of Canada's largest exchanges. Indeed, the company's managers do not have the security keys that allow access to the cold wallets (or coldwallets) of the company. Only the former CEO had the possession and since his death last December, it is $ 190 million in cryptocurrency that have gone.
TAKING OF 120 MILLION EUROS
Indeed, Gerald Cotten, CEO of QuadrigaCX platform died last December. After this announcement, the users of the exchange are in panic! And for good reason: only the former head of the company had exclusive access to coldwallets security keys. With this death, it means the impossibility of removing the crypto-currencies that are placed in these "off-line" portfolios. This is the equivalent of 120 million euros that are held hostage.
The company's only hope lies in the personal computer that Cotten used for the company's business and could provide information on these security keys. Except that his wife, Jennifer Robertson claims not to have access because the machine is encrypted and she knows neither the password nor the key recovery. The latter has even called on a computer expert to try a recovery of data stored on this computer. Unfortunately, all attempts have been unsuccessful.
A POOR IDEA AT SEVERAL LEVELS
While major cryptocurrency trading platforms place their funds in cold portfolios to avoid cyber attacks or other security issues, they do not trust the security keys of their coldwallet into the hands of one person. . Indeed, Coinbase or Binance use a multi-signature system that divides private keys between different people.
According to industry professionals, there were different solutions to divide these security keys and placing them solely in the hands of the CEO is a bad idea on many levels. For cryptocurrency specialists, users of the platform have very little recourse to claim their money placed in these wallets and it is extremely unlikely that we can unlock these millions of dollars currently blocked.
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