Around $190 million or INR 1000 crore Digital currency is going to get vanished from earth soon! This line is pretty chilling and can snap the ground off your feet. The main reason behind this is the sudden demise of Gerald William Cotten, the CEO of Canada’s biggest cryptocurrency company. Cotten was the founder owner of the cryptocurrency company QuadrigaCX. They used to deal in virtual money and the money that is saved in a supercomputer is in a highly protective place and the doorway to the place lies in the hands of Cotten who is now peacefully sleeping in grave. So the chance of this getting this amount seems unreal to its owners.
So what is cryptocurrency? In this digitized world people are trying to protect assets from frauds and nothing is better than cryptocurrency when you want to save your money and asset from the grips of fraudulent people. Cryptocurrency is digital money whose virtual existence is zero. It helps in online transaction. The money is kept safe in online safe and is highly protected via several layers of protection. This layers of protection is different passwords and in maximum cases, these passwords are kept only to a single person! Hence Cotten’s death becomes to important here!
QuadrigaCX was launched in 2013 and was doing pretty well. Cotten’s company was going through a tough time during 2018. In December, the company posted on their Facebook page that they have crossed the tough time and all the legal problems are now solved! They are going to provide amazing service to Canadians now. Somewhere around that time Cotten came to India on a charity purpose. He along with wife Jennifer Robertson was helping to build an orphanage in pink city Jaipur, India.
Cotten’s wife is claiming that he was suffering from Crohn’s disease and that was the root cause behind his death. A death certificate issued by Rajasthan Government also supports his wife’s words. But the depositors are claiming that Cotten got vanished with their money and it is a case of fraud. The company on the other hand announced that they hired experts to retrieve a part of the lost amount.