QuadrigaCX CEO Death Loses $250 Million Highlighting Cryptocurrency Usability Issues

QuadrigaCX, an online cryptocurrency exchange, is unable to distribute funds to investors after QuadrigaCX’s co-founder and main operator, Gerald W. Cotten, allegedly died from complications from Crohn’s disease. This highlights the early experimental stage of cryptocurrencies and insufficient usability, including for backing up access to funds.

QuadrigaCX had 363,000 total users and 115,000 of those users had balances in their accounts when it went offline due to Cotten’s death. Within the accounts that had balances, there was reported to be $180 million in cryptocurrency and $70 million in Canadian currency, with the largest account having around $70 million total assets. The suspicious nature of the death and lack of management protocol has caused investors to cry foul play and ask fo authorities to mount an investigation.

So far, “the Supreme Court of Nova Scotia appointed the accounting firm Ernst & Young to examine the company’s finances and explore a…