Cryto currency CEO dies in Jaipur, Rs 1,000 crore may vanish from face of earth
6 Feb 2019 6:30 AM GMT
Gerald William Cotten died in Jaipur last month. And he took with him to his grave passwords that hold key to accessing virtual currency worth Rs 1,000 crore
- A mysterious and sudden death in Jaipur has given rise to a possibility that around Rs 1,000 crore in digital currency may disappear off the face of the earth.
- The star of this story is one Gerald William Cotten, the founder of a now-defunct startup that dealt in cryptocurrency (digital or virtual currency dealing which is supposedly highly secure and which is not controlled by central systems such as reserve banks; bitcoin is a type of crytocurrency).
- Gerald William Cotten is now dead and apparently he has taken to his grave passwords that would grant access to around Rs 1,000 crore worth of cryptocurrency that may never again be recovered.
- In December 2013, Gerald William Cotten launched QuadrigaCX, a crytocurrency exchange where people could trade in digital currency using real or virtual money.
- (A typical crytocurrency exchange would allow you to buy a certain amount of bitcoin for a certain amount of rupees.
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