$190,000,000 goes missing in Canada.
Today we break down one of the most bizarre stories this year in crypto.
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QuadrigaCX CEO, Gerald Cotten, went to India to open an orphanage and ended up dying from Chron’s disease.
Many companies have CEOs who pass away, unfortunately, but they usually have other leaders who can step up. Think of Apple. The issue here is that this is a crypto exchange and one person, the CEO controlled this exchange's funds.
One of the biggest attraction to crypto is the fact that you are your own bank. You control your security keys which means no one can take your crypto for you. The issue is if you forget your keys, there isn’t a customer Service number to complain to; your funds are gone.
Instead of using a custodian or third party, QuadrigaCX decided to manage the funds themselves, but since they are handling the funds of their clients, they should have had continuity planning.
This story highlights the importance of managing your crypto and having continuity and estate planning. What good is being the only person who knows your private keys if you pass away?