In what The Wall Street Journal headlines a “Crypto-mystery,” a cryptocurrency exchange in Canada says it can’t repay some $250 million to clients because its CEO died and didn’t share needed passwords or security keys to access funds.
So report the Journal and the New York Times.
“[C]ustomers’ holdings are stuck in an electronic vault because the company’s founder, and sole employee, died without sharing the password,” according to the WSJ.
However, the paper says that may not be the whole story behind what’s happened at QuadrigaCX.
The Times reports that the firm said in court filings its CEO “Gerald Cotten” was the only person who knew the security keys and passwords needed to access the funds. Cotten died in December.