Millions in cryptocurrencies frozen after Canadian founder’s death

This file picture taken on February 28, 2014 shows a man talking on a mobile phone in a shop displaying a bitcoin sign during the opening ceremony of the first bitcoin retail shop in Hong Kong. (AFP)
Updated 05 February 2019
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Millions in cryptocurrencies frozen after Canadian founder’s death

TORONTO: About C$180 million ($137.21 million) in cryptocurrencies have been frozen in the user accounts of Canadian digital platform Quadriga after the founder, the only person with the password to gain access, died suddenly in December.
Gerald Cotten died aged 30 from complications with Crohn’s disease while volunteering at an orphanage in India, according to the Facebook page of Quadriga CX, which announced his death on Jan. 14.
The platform, which allows the trading of Bitcoin, Litecoin and Ethereum, filed for creditor protection in the Nova Scotia Supreme Court last week.
Quadriga has 363,000 registered users and owes a total of C$250 million to 115,000 affected users, according to an affidavit filed by Cotten’s widow Jennifer Robertson on behalf of the company.
Robertson said in the affidavit that Cotten’s main computer contained a “cold wallet” of cryptocurrencies, which is only accessible physically and not online, and his death left “in excess of C$180 million of coins in cold storage.”
Robertson said she was not involved in Cotten’s business while he was alive and did not know the password or recovery key.
“Despite repeated and diligent searches, I have not been able to find them written down anywhere,” she said.
Robertson said that she has consulted an expert who has had “limited success in recovering a few coins and some information” from Cotten’s other computer and cell phones, but the majority remains untouched on his main computer.
Quadriga’s troubles highlight the unique challenges of cryptocurrencies, Dean Skurka, vice president of rival platform Bitbuy.ca, said in an interview with the Canadian Broadcasting Corp.
“This really highlights the need for the government to take action and regulate cryptocurrency exchanges,” Skurka said.
Robertson said in her affidavit she has received online threats and “slanderous comments,” including questions about the nature of Cotten’s death, and whether he is really dead. ($1 = 1.3119 Canadian dollars)


Paris Air Show: After Boeing showstopper, Airbus seeks order bounce

Updated 19 June 2019
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Paris Air Show: After Boeing showstopper, Airbus seeks order bounce

  • British Airways owner IAG signs letter of intent to buy 200 of its 737 MAX jets
  • Airbus is looking for up to 200 orders for the A321XLR, which is designed to open up new routes

PARIS: Airbus, reeling from the potential loss of a major customer for its best-selling A320neo as British Airways owner IAG placed a lifeline order for the grounded 737 MAX, prepared to hit back with more orders for its A321XLR on Wednesday.
The planemaker has been negotiating with US airlines investor Bill Franke whose Indigo Partners has also been known to place orders for multiple airlines within its portfolio and could reel it in for the Paris Air Show, industry sources said.
Airbus declined to comment.
After weathering intense scrutiny over safety and its public image, Boeing won a vote of confidence on Tuesday as IAG signed a letter of intent to buy 200 of its 737 MAX jets that have been grounded since March after two deadly crashes.
The surprise order lifted the energy of a previously subdued Paris Airshow, where the talk had been of the possible end of the aerospace cycle, given the issues at both Boeing and Airbus as well as geopolitical and trade tensions around the world.
Australia’s Qantas Airways said on Tuesday it would order 10 Airbus new A321XLR jets and convert a further 26 from existing orders already on the Airbus books.
Airbus is also in talks with leasing company GECAS and has been trying to secure an eye-catching order for the A321XLR from American Airlines, though the world’s largest carrier does not typically make announcements at air shows.
Airbus is looking for up to 200 orders for the A321XLR, which is designed to open up new routes.