Bitcoin lost by the death of CEO of an exchange

Up to 190m USD of cryptocurrency may have been lost because of the death of one person.

CNN: $190 Million in Crypto Gone Forever, How Canada’s Biggest Bitcoin Exchange Lost it All

QuadrigaCX was the largest bitcoin exchange in Canada. But it had been troubled for several months as users claimed it failed to make transactions. Recently, the company published an official explanation. According to this, since the CEO passed away it has no longer access to the cold wallet of Bitcoins it stores.

A cold wallet is one of the safest ways to store cryptocurrency. It is invulnerable to cyber attacks by outsiders. However, this means that ways to access the wallet are limited. If the secret key is lost, it is difficult to recover it.

The CEO of QuadrigaCX seems to have been the only person with the way to access the cold wallet. His death has made the cold wallet deserving million dollars a black box.

The CEO was suffering Chone disease, a chronic illness of intestine. Although it is not sure about the cause of his death, the CEO had to be prepared for unfortunate situations. A good company would never be collapsed by the death of the leader. It is the power of the organization.