This is the generation where everyone is looking to find their own private space and in order to maintain the same many people opt for keeping passwords on their important works but have you ever thought what if you lose that password or what if the locked file never opens?
This thought that shakes our body and soul has turned into reality and on stakes is $190 million as the Canadian cryptocurrency CEO passed away in Jaipur. He never told his passwords to anyone and now no one is having any access to the huge amount that is there in the virtual world and might never be accessed.
This news was invested by CBC after Gerald Cotten who was the CEO of crypto exchange QuadrigaCX died due to severe complications with Crohn’s disease while he was on a trip to Jaipur, India in December for the inauguration of an orphanage. We consider this as one of the biggest tragedy of 2018 as 30 years old left us this soon. His wife has the encrypted laptop in her possession but her every attempt to unlock the laptop has failed and hackers from the company are trying hard to figure out the password but nothing seems to be working out for the customers and company.
There are many perks of having your own cryptocurrency and if we talk about negatives there are a bunch of what we can remember.
Some hypnotists and force hackers are making some good money by successfully accessing inaccessible money (if you don’t remember your cryptocurrency password you will never be able to access the currency making it inaccessible)
There are people who have earned $1 Million just by selling bitcoin and it is popular among the world population making it possible for almost everyone to make their exchanges online using cryptocurrency. The Gizmodo has summarized that QuadringaCX cannot repay the most of 190 dollars million in client holdings as Late Mr. Cotten was the only person to have access to money.
The next step after this the QuandrigaCX did was to file for creditor protection as it says it cannot access the stored funds of the virtual world. Are you able to smell a conspiracy here? People are for sure thinking that the CEO is not at all dead and it’s a trick and the page of company’s Facebook is filled with speculation but as for the truth is concerned Canada’s version of state department has confirmed that Cotten has actually passed away in India as the reports have mentioned.
Now that everything is done QuadringaCX has reached court in order to try and protect itself from the creditors. Every crypto investor is now thinking they should have kept their money in old mutual funds and banking accounts and there are people who are hoping that the company would be able to crack the password soon.