Cryptocurrency Exchange Locked Out of Funds After CEO's Death

From PC Mag: A Canadian cryptocurrency exchange can no longer access customer funds because the company's CEO is dead and no one knows the passwords to his computers.

The computers hold more than US$137 million in virtual currencies for the cryptocurrency exchange QuadrigaCX. However the company's founder and CEO Gerald Cotton unexpectedly died in India this past December from Crohn's disease.

The exchange has now gone offline. On Thursday, QuadrigaCX posted a notice telling customers it had lost access to the cryptocurrency reserves and filed for creditor protection with a Canadian higher court in Nova Scotia.

On the same day, Cotton's widow, Jennifer Robertson, filed an affidavit with the court explaining the reasons behind the missing funds.

"The laptop computer from which Gerry carried out the Companies' business is encrypted and I do not know the password or recovery key," she said in the affidavit, which was obtained by CoinDesk. "Despite repeated and diligent searches, I have not been able to find them (the passwords) written down anywhere."

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