Difference between revisions of "QuadrigaCX"

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QuadrigaCX is a [[cryptocurrency]] trading [[platform]] based in Nova Scotia, Canada. The exchange's website went offline on February 5, 2019.<ref>{{cite web|url=https://www.quadrigacx.com/|name=Message from QuadrigaCX|org=QuadrigaCX|date=February 8, 2019}}</ref>
 
QuadrigaCX is a [[cryptocurrency]] trading [[platform]] based in Nova Scotia, Canada. The exchange's website went offline on February 5, 2019.<ref>{{cite web|url=https://www.quadrigacx.com/|name=Message from QuadrigaCX|org=QuadrigaCX|date=February 8, 2019}}</ref>
  
== Security Issues ==
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== Death of CEO Causes Security Issues ==
  
In December 2018, Gerald Cotten, the founder of QuadrigaCX, died suddenly while traveling to India. Cotten was the sole possessor of the pass codes necessary for accessing the [[digital assets]] held offline by the [[exchange]]. He kept the codes on an encrypted laptop to which his widow, Jennifer Robertson, did not have access. Because of this, QuadrigaCX's customers could not access the approximately 26,000 [[bitcoin]], 11,000 [[Bitcoin Cash]], 11,000 [[Bitcoin SV]], 200,000 [[Litecoin]], and 400,000 [[Ether]] they owned in total. A ruling from the Supreme Court of Nova Scotia said the exchange owed its 115,000 customers roughly $250 million CAD ($190 million USD) in crypto and fiat currency.<ref>{{cite web|url=http://fortune.com/2019/02/04/cryptocurrency-quadrigacx-gerald-cotten-frozen-funds/?xid=soc_socialflow_twitter_FORTUNE&utm_medium=social&utm_campaign=fortunemagazine&utm_source=twitter.com|name=Cryptocurrency Owners Can't Access Funds After Exchange CEO Dies—Because No One Knows the Password|org=Fortune|date=February 6, 2019}}</ref><ref>{{cite web|url=https://www.coindesk.com/quadriga-creditor-protection-filing|name=QuadrigaCX Owes Customers $190 Million, Court Filing Shows|org=Coindesk|date=February 6, 2019}}</ref>
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In December 2018, Gerald Cotten, the founder of QuadrigaCX, died suddenly while traveling to India. He was 30 years old. Cotten was the sole possessor of the passcodes necessary for accessing the [[digital assets]] owned by the [[exchange]]'s customers. He kept the codes on an encrypted laptop to which his widow, Jennifer Robertson, did not have access. Because of this, QuadrigaCX's customers could not access the approximately 26,000 [[bitcoin]], 11,000 [[Bitcoin Cash]], 11,000 [[Bitcoin SV]], 200,000 [[Litecoin]], and 400,000 [[Ether]] held in cold [[wallet]] storage. A ruling from the Supreme Court of Nova Scotia said the exchange owed its 115,000 customers roughly $250 million CAD ($190 million USD) in crypto and fiat currency.<ref>{{cite web|url=http://fortune.com/2019/02/04/cryptocurrency-quadrigacx-gerald-cotten-frozen-funds/?xid=soc_socialflow_twitter_FORTUNE&utm_medium=social&utm_campaign=fortunemagazine&utm_source=twitter.com|name=Cryptocurrency Owners Can't Access Funds After Exchange CEO Dies—Because No One Knows the Password|org=Fortune|date=February 6, 2019}}</ref><ref>{{cite web|url=https://www.coindesk.com/quadriga-creditor-protection-filing|name=QuadrigaCX Owes Customers $190 Million, Court Filing Shows|org=Coindesk|date=February 6, 2019}}</ref>
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Robertson, the sole executor of Cotten's will, took out collateral mortgages on four luxury properties in Nova Scotia owned by Robertson and Cotten, worth a combined total of $1.1 million. She removed Cotten's name from the ownership documents of all four properties, creating a trust in which she is a trustee. As of February 5, 2019, she also transferred ownership of two of the properties to the trust. These actions were described as "atypical" by people familiar with the matter. Some speculated that this may have been done to protect the properties from being seized by Cotten's creditors. Paul Trudelle, a partner at the Hull & Hull law firm in Toronto said that this may have been done to protect the properties from being seized due to "some fraudulent reason to set side the right of survivorship."<ref>{{cite web|url=https://www.thechronicleherald.ca/news/local/quadriga-founders-widow-has-four-ns-properties-moved-further-from-creditors-reach-281971/|name=Quadriga founder's widow moved 4 Nova Scotia properties further from creditors' reach|org=The Chronicle Herald|date=February 8, 2019}}</ref>
  
 
== References ==
 
== References ==

Revision as of 12:11, 8 February 2019

QuadrigaCX
Quadrigacx.jpg
Founded 2013
Headquarters Nova Scotia, Canada
Key People Gerald Cotten, Founder, former CEO (deceased)
Employees 2-10
Products Cryptocurrency trading platform
Twitter @QuadrigaCoinEx
LinkedIn Profile
Website QuadrigaCX Homepage

QuadrigaCX is a cryptocurrency trading platform based in Nova Scotia, Canada. The exchange's website went offline on February 5, 2019.[1]

Death of CEO Causes Security Issues

In December 2018, Gerald Cotten, the founder of QuadrigaCX, died suddenly while traveling to India. He was 30 years old. Cotten was the sole possessor of the passcodes necessary for accessing the digital assets owned by the exchange's customers. He kept the codes on an encrypted laptop to which his widow, Jennifer Robertson, did not have access. Because of this, QuadrigaCX's customers could not access the approximately 26,000 bitcoin, 11,000 Bitcoin Cash, 11,000 Bitcoin SV, 200,000 Litecoin, and 400,000 Ether held in cold wallet storage. A ruling from the Supreme Court of Nova Scotia said the exchange owed its 115,000 customers roughly $250 million CAD ($190 million USD) in crypto and fiat currency.[2][3]

Robertson, the sole executor of Cotten's will, took out collateral mortgages on four luxury properties in Nova Scotia owned by Robertson and Cotten, worth a combined total of $1.1 million. She removed Cotten's name from the ownership documents of all four properties, creating a trust in which she is a trustee. As of February 5, 2019, she also transferred ownership of two of the properties to the trust. These actions were described as "atypical" by people familiar with the matter. Some speculated that this may have been done to protect the properties from being seized by Cotten's creditors. Paul Trudelle, a partner at the Hull & Hull law firm in Toronto said that this may have been done to protect the properties from being seized due to "some fraudulent reason to set side the right of survivorship."[4]

References