Crypto Exchange

Interview reveals QuadrigaCX CEO used to store private keys on paper

The QuadrigaCX scandal is not looking to rest soon enough. The death of the Chief Executive Officer, Gerald Cotten of the Canada based crypto exchange, shook the world. What followed was utter chaos. It is now leading to one the most dramatic downfall of a crypto exchange in the history of crypto verse.

The scandal started from the fact that Cotten was the only who had the private keys to the wallet. Furthermore, the most astonishing fact in the case is that about 190 million Canadian Dollar is now locked away.

The court granted the company creditor protection as soon as the Chief Executive Officer died in the Pink City of Jaipur, India following the deadly onset of Crohn’s disease. Moreover, a will was also reported to have been fabricated just 12 days prior to his death, naming her wife as the owner of the estate.

“The Paper Wallet is a great way to store your Bitcoins”

Gerald Cotten, about 5 years ago, when QuadrigaCX was still rising as a startup in the Canadian and Global Startup Ecosystem was interviewed on a podcast. The interview on the True Bromance Podcast along with actor Michael Karl Richards.

He talked about paper wallets is the most secure way, because it is offline. Furthermore, he said that you can just take a printout of the private keys which consist of a bunch of letters and numbers. You can keep it in your safe or vault, away from the world.

Ironically, he also talked about the disadvantage and the chaos that would ensue if the private key was to get lost. At the time of the podcast, they were essentially using this technique to keep their money safe.

They printed out their private keys to the wallet containing the crypto of everyone in the crypto exchange. Furthermore, it was in their bank’s vault, safe.

It is not vivid or practical to assume that they might have stayed with this method. But, this still remains a good enough clue to pursue.

Recent Posts

Tomarket App – A Guide to $TOMATO Airdrop, Farming and Web 3.0 Drop Event

Tomarket, Telegram's mini-app hits 20+ million all-time users and 8.8+ million daily active users. Tomarket…

2 months ago

Binance Lists Decentralized and Open L1 Blockchain Toncoin (TON) on its Platform

Cryptocurrency exchange Binance, today announces the listing of Toncoin on its platform. Toncoin is a…

4 months ago

iGaming Platform BC.GAME Signs $40 Million Deal to Become Principal Partner of Leicester City

The iGaming platform BC.GAME has signed a landmark $40 million deal to become the "Official…

5 months ago

Coinbase faces new lawsuit that claims SOL, MATIC, NEAR, MANA, ALGO, UNI, XTZ and XLM are securities

Coinbase crypto exchange and its CEO, Brian Armstrong, faces a new lawsuit that claims Solana,…

7 months ago

Service Beyond Gaming: The Support Experience at HugeWin

In the world of online gambling, the quality of customer service can make or break…

7 months ago

Bitcoin (BTC) Cycle: Aiming for $155,000 Peak by August 2025

Since its launch in 2009 Bitcoin has experienced several cycles characterized by bull and bear…

8 months ago

This website uses cookies.