180 million dollars are down the drain because an Online Banker took the password with him to the grave

February 5, 2019

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A good year ago, many people in the Bitcoin-tried-to-noise to make quick money. The Hype may not be significantly subsided, dead the crypto-currencies but. Many Fans will appreciate you more for their original Use as an anonymous currency, while others keep their digital wallet as a store of Value. But, unfortunately, the money is still not nearly as safe as a traditional Bank, like a blatant case of Canada shows.

The crypto-exchange, QuadrigaCX had to admit just to have access to 180 million Canadian dollars (equivalent to approximately EUR 80 million) is lost. The Tech-page “Ars Technica reported”. The simple reason is that The operator of the site, Gerry Cotten, who died last December at the age of 30 years, surprisingly to Morbus Cron. And no one knows the password of the Online Bank operator.

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is The Dilemma of all things, a security measure. Crypto currencies are stored in so-called Wallets. Because many of these Wallets can be hacked, if you are in the Internet, began the operator of crypto exchanges to keep the Wallets with the money of their clients in many Parts of offline. One speaks of a “cold Wallet”. The QuadrigaCX mounted currencies were mostly stored offline on an encrypted Laptop.

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But, unfortunately, no one knew except Cotten the access data, such as his wife, Jennifer Robertson said in an affidavit. The widow, in Cottens legacy no hints to the password found. They have been working together with experts on a decryption of the laptop and another USB-connector, so that the customers can get their money back. According to “Ars Technica” are affected more than 100,000 customers. If the get your money, is unclear. Robertson wants to apply for according to the report, the protection of creditors.

The case shows a fundamental Problem of the many crypto exchanges in the network. Unlike banks they are run often by individuals that care about the safety of the plants. Although there is due to the numerous dangers and the high amounts of recommendations on how to protect this data, and how to secure the entrances. You do not need to keep. Even if you managed to single-handedly, hundreds of millions of dollars of other people.

sources: Ars Technica, Sworn statement (Scribd)