Crypto-Exchange Says It Can’t Pay Investors Because Its C.E.O. Died, and He Had the Passwords
In an affidavit, his widow, Jennifer K. M. Robertson, wrote that her husband had run the business from an encrypted laptop, working mostly out of their home in Fall River, Nova Scotia.
In an initial report to the court, Ernst & Young wrote that it was facing an extraordinary set of case facts. Quadriga had no discernible accounting system and no bank account, according to the filing. Mr. Cotten typically sent directions to release payments, which were made through third-party payment processors, to employees by email, and payment inflows and outflows “were not systemically tracked,” Ernst & Young wrote.
https://www.nytimes.com/2019/02/05/business...pgtype=Homepage
Wonder how many exchange operate similarly. find it fascinating many trust fly by night operation more than regulated establishment.
Crypto is down soon..., Bitcoin?