Josh Sigurdson talks with author and economic analyst John Sneisen about the recent scandal hitting international news regarding QuadrigaCX, the Canadian cryptocurrency exchange losing $150 million USD ($190M CAD) of customers’ money following the passing of founder Gerald Cotten in India two months ago. According to the company and his widow, they cannot access the private keys as he encrypted almost everything successfully.
Interestingly, though it’s claimed that he passed suddenly on vacation in India from Crohn’s, he wrote out a will only 12 days before he passed. This has lead many to believe that there’s more to the story than what they’re being told. Many claim that Quadriga was an elaborate scheme to take everyone’s money in the first place. Nonetheless, the lawsuit pushes forward for millions of customers’ crypto in what is one of the biggest losses in recent history. Mount Gox comes to mind.
Quadriga has been given a 30 day stay on lawsuits.
This is another example of why people should NOT trust online centralized exchanges! It isn’t the fault of the crypto, it’s the fault of the business and people don’t seem to get the whole point of crypto in the first place. Decentralization, security, having a bank in your pocket, not submitting your money to other shady online banks.
While exchanges are certainly useful and there’s an argument to be made for use case as well as the obvious security of the keys on an exchange like Quadriga, this is yet another unfortunate story of mankind’s dependence on others. Though, to be fair, many were just trading through Quadriga, but that still comes down to a problem of trust in the unknown.
Stay tuned as we continue to follow this developing story!
Don’t forget to check out Mike Maloney’s GoldSilver at the following link:
Video edited by Josh Sigurdson
Graphics by Bryan Foerster and Josh Sigurdson
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