Wow! Cryptocurrency exchange owner dies and takes it with him

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Forums › Finance and wealth management › Wow! Cryptocurrency exchange owner dies and takes it with him

Rikkitic

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#245467 5-Feb-2019 14:25

I'm so glad I avoided the temptation to dive into the cryptocurrency craze. I saw reports the other day about hackers siphoning off millions of dollars and now this! I guess you can take it with you.

Plesse igmore amd axxept applogies in adbance fir anu typos

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#2173451 5-Feb-2019 14:31

Cryptopia here in NZ got rolled the other day by a hacker. I sort of wrote off the Crypto craze last year when BTC was worth $32,000USD each, sold everything we had, day after it dropped. Still had $800 in BlockTix but like, who cares.

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fizzychicken

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#2173508 5-Feb-2019 15:01

https://cryptonews.com/news/the-quadrigacx-case-just-got-a-whole-lot-more-complicated-3309.htm

Are the funds on the move? and - were they ever there?

Is Gerald Cotten even dead?

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Coil

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#2173509 5-Feb-2019 15:02

fizzychicken:

https://cryptonews.com/news/the-quadrigacx-case-just-got-a-whole-lot-more-complicated-3309.htm

Are the funds on the move? and - were they ever there?

Is Gerald Cotten even dead?

What I read before lunch suggested he was 100% not dead. Who knows.

dt

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#2173520 5-Feb-2019 15:23

Reminds me of when $450 million in bitcoin just went "missing" from mt gox

Rikkitic

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#2173525 5-Feb-2019 15:28

Although this is a fascinating story, it doesn't really matter whether he is dead or not. What matters is that an awful lot of value seems to keep leaking out of cryptocurrency exchanges, whether by hack or premature expiration. Even banks are starting to look good compared to that. At least you need a lorry to move $190 million in cash.

Plesse igmore amd axxept applogies in adbance fir anu typos

tripp

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#2173532 5-Feb-2019 15:48

Rikkitic:

Although this is a fascinating story, it doesn't really matter whether he is dead or not. What matters is that an awful lot of value seems to keep leaking out of cryptocurrency exchanges, whether by hack or premature expiration. Even banks are starting to look good compared to that. At least you need a lorry to move $190 million in cash.

That's totally correct. Who would not look twice when you have over a $100 million in almost untrackable crypto. Just need to break it up, pass it between some middle men (or even create more created wallets) and cash out over a number of years. Good life in another country like Thailand. Get the wife/partner to join you in a couple of years. $500k a year cashout buys a lot of fun in some countries :)

Beccara

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#2173534 5-Feb-2019 15:52

Crypto really is like watching 1000+ years of economic history playing out in weeks/months/years

Most problems are the result of previous solutions...

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Talkiet

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#2173564 5-Feb-2019 16:39

One of the tiniest silly things I love about the Crypto craze/crash/new stories is how newspapers ABSOLUTELY cannot stop themselves using a rendered image of a coin in every story so we know what a Bitcoin looks like...

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Geektastic

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#2173571 5-Feb-2019 16:46

Coil:
fizzychicken:

https://cryptonews.com/news/the-quadrigacx-case-just-got-a-whole-lot-more-complicated-3309.htm

Are the funds on the move? and - were they ever there?

Is Gerald Cotten even dead?

What I read before lunch suggested he was 100% not dead. Who knows.

As opposed to say 50% not dead? 😀

freitasm

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Geekzone

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#2173583 5-Feb-2019 17:28

Just simply bad governance. The company board should have a continuity plan and have the keys in scroll. It just shows the company was crap.

DarthKermit

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#2173590 5-Feb-2019 17:59

Probably no different than when all those finance companies lost billions of dollars of mum and dad's investments, circa ten years ago.

amiga500

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#2173629 5-Feb-2019 19:40

Murphy's law - the guy has probably left behind multiple copies of his pc passwords file and printed copies of his master password but not for the crypto currency.

Dratsab

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#2173844 6-Feb-2019 11:13

Sounds more like it was a crypto-currency version of ponzi scheme. I wonder if the 'sudden death' was due to someone getting close to cottoning on to reality? [pun intended]