QuadrigaCx Accidentally sent $500k to the dead CEO

Canadian exchange QuadrigaCx accidentally sent approximatively $500000 CAD ($360000 USD) in Bitcoin (BTC) to the dead CEO Gerald Cotten cold wallet earlier this month according to a report published by Ernst & Young on 12 Feb.

The CEO of the exchange QuadrigaCx died in December due to the Corhn diseases when he was on a tour to India. Cotten was the only person who has access to the private keys of the cold wallets of the exchange.

The exchange claims that a majority of the funds are stored in the cold wallets. QuadrigaCx has lost access to the $190 million Candian dollars ($145 million USD) that are stored in the cold wallets. 

QuadrigaCx appointed Ernst & Young company an independent third party to monitor the funds stored in the cold wallets. The recent report named “First Report of the Monitor” shows that QuadrigaCx on 6 Feb transferred 103 Bitcoin worth $468675  to the cold wallets that the company has no access.

The monitor is working with the exchange management to retrieve the funds from the cold wallets, if possible. 

Ernst & Young secured the electronics items of the CEO which includes four laptops, four mobile phones and three encrypted USB devices. 

Some people on social media doubt the death of the CEO and ask for the death certificate and dead body.  

Some experts saying that the exchange never has the funds and only circulates the funds from new user to old users. QuadrigaCx was a Ponzi scheme.

After the hack of Cryptopia and the drama of QuadrigaCx, it is necessary to secure your funds and you have access to the private keys of the wallets.

Not Your Private Keys Not Your Coins