180 million euros blocked on cryptocurrency exchange after founder’s death

QuadrigaCX, Canada’s leading exchange, may be taken over.

The exact amount is unknown, but it could amount to CAD 250 million (EUR 180 million). The vast majority of assets stored on the QuadrigaCX cryptocurrency exchange have been blocked following the death of its founder, according to court documents made public by professional website Coindesk on Friday, February 1. Trading platforms can store cryptocurrencies (Bitcoin, Ethereum, etc.) and convert them into other currencies, whether other cryptocurrencies or “classic” currencies.

In December 2018, Gerald Cotten, founder of leading Canadian platform QuadrigaCX, died of Crohn’s disease in India while he was working on a humanitarian project. However, only Mr. Cotten has the encryption key for the platform; exchanges have been blocked since his death. His wife was able to recover his laptop, which may contain an encryption key, but told the court she did not know the password to unlock his hard drive, which was encrypted. A computer security expert also tried unsuccessfully to access the computer’s contents.

A Canadian court is expected to order the platform to govern at a hearing scheduled for Tuesday, February 5.

QuadrigaCX, Canada’s leading exchange, may be taken over.