ePassporte-like scam results in $190mill loss
 

https://www.theguardian.com/technolo...-gerald-cotten

About $190m in cryptocurrency has been locked away in a online black hole after the founder of a currency exchange died, apparently taking his encrypted access to their money with him.

Investors in QuadrigaCX, Canada’s largest cryptocurrency exchange, were unable to access their funds after its founder, Gerald Cotten, died last year.

According to a court filing first reported by CoinDesk, a cryptocurrency news and events company, Jennifer Robertson, identified as Cotten’s widow, said the exchange owes its customers roughly C$250m (US$190m) in cash and cryptocurrency held in its “cold storage”.

“Quadriga’s inventory of cryptocurrency has become unavailable and some of it may be lost,” Robertson wrote in the filing.

Cotten, 30, died in India last December from complications from Crohn’s disease, according to the company. He was in India “opening an orphanage to provide a home and safe refuge for children in need”.

Bullshit :1orglaugh:1orglaugh:1orglaugh

Almost every day some exchange get "hacked"

faking your death in india is possible for a few thousand dollars

congrats to the winners

Or the wife could have him killed for even less.

they will easily see if the coins move or not...if the coins never move then they are really in a black hole...it is amazing that the dude did not make some sort of fail safe...he could write a simple script where he would need to answer an email with a code every say 30 days...and he would get reminders etc and if he does not send the code in 60 days the script sends the key to somebody...

or the coins will move and the money will be in motion :1orglaugh:1orglaugh:1orglaugh

"$190m in cryptocurrency"

Even if they open it back up who is going to buy it so that existing holders can cash out?

sucks for those who lost, another reminder to not store crypto on exchanges

btw, supposedly some Litecoin have already been moved

:dead: and money on safe

BTW after all this hype last year what is BTC at today ?

Google , thank me later :thumbsup

Is there a schematic for this system? Wouldn't the script be vulnerable to hacking?

I predict the coins will move, from everything I have read on this the whole story smells. :2 cents:

no not really...but split the wallet key in to 3 parts and encrypt each and give the enctyption keys to 3 different people...the hacker would have to know:

1) that such a key exists
2) exactly what the encrypted bundle of data is
3) exactly what server it is on out of the millions of servers just on amazon for example
4) he would have to be good at de-crypting data he does not know what the fuck it is or whether its worth the time because I would put in like 10000000 random encrypted files...good luck with that LOL

https://i.pinimg.com/236x/4a/d3/fc/4...dhist-monk.jpg


:1orglaugh:1orglaugh:1orglaugh:thumbsup

He is now enjoying the 190M.

well it's worth over +$200Mn now, so he got a lil bump. Ballsy move by Cotton, he gonna be on the run for life now though