He had sole access to $190 million worth of customers’ crypto. Then he died.

In the risk-filled world of cryptocurrency, “sorry for your loss” has a very specific meaning. In the case of Canadian crypto-exchange QuadrigaCX, it’s become a rather grim double entendre. 

The exchange’s founder, 30-year-old Gerald Cotten, died unexpectedly in December 2018. According to a Jan. 31 affidavit filed by his widow Jennifer Robertson and dug up by Coindesk, it also just so happens that Cotten had sole access to most of the exchange’s $190 million worth of crypto held in cold storage.

Or, rather, what looks to be the exchange’scustomers’$190 million worth of crypto. And no one appears to be able to access it. Because when he died, it seems Cotten took the keys with him. 

“The laptop computer from which Gerry carried out the companies’ business is encrypted and I do not know the password or recovery key,” reads the affidavit signed by his widow and Nova Scotia supreme court barrister. “Despite repeated and diligent searches, I have not been able to find them written down anywhere.” 

In a message posted to its website, the exchange has copped to the fact that all is not well. 

“For the past weeks, we have worked extensively to address our liquidity issues, which include attempting to locate and secure