Quadriga Loses $135 million

By: Morgan Sharbaugh

The founder of Quadriga, a cryptocurrency company, dies, taking the passwords with him, causing the company to loose $135 million.

Thousands of investors are left wondering where their money went as Quadriga scrambled to find the passwords to Gerald Cotten’s computer. Cotten died while in India working with an orphanage, due to complications with Crohn’s disease. His wife has been left to deal with the company, and is struggling to find any passwords to his encrypted computer. She claims that even with thorough searching, she cannot find the passwords written down anywhere.

Previously Quadriga has been having issues with liquidity problems, resulting in a temporary freezing of the company by the Canadian bank. Cotten’s death has not helped this issue. Quadriga is now working on fixing their liquidity issues, and recover the bitcoin reserves on Cotton’s computer. The company is now facing charges and is due in court for its liquidity issues.

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