QuadrigaCX, a Canadian cryptocurrency exchange, is home to more than $140 million in cryptocurrencies. Lately it found itself in the news and in the Canadian courts due to the death of its founder, Gerald Cotten, who passed away in December and took with him the only passwords to their crypto vaults. More than 115,000 hapless investors are left without access to their crypto wealth and little recourse to recover their assets.
The death of a key person who had access to passwords with no redundancy is an extraordinarily rare event, especially if it is going to lock 115,000 people out of their crypto fortunes. In this case, sadly, that fact that encryption is working and works very well against its own investors.
Why it’s hot: when security becomes vulnerability.