The $190M Mistake: Lessons from the QuadrigaCX Death
Gerald Cotten died with the only passwords to his exchange's cold wallets. $190 million was lost forever. Don't be Gerald.
The Gerald Cotten Story
In 2018, Gerald Cotten, the CEO of Canada's largest crypto exchange, died unexpectedly while traveling in India. He was 30 years old.
He was the only person who knew the passwords to the exchange's cold wallets. $190 million in user funds was locked away forever. No hack, no scam (arguably) — just bad key management.
Experts tried for years to crack his laptop. They failed. The money is gone.
You Are the CEO of Your Own Bank
If you own crypto, you are QuadrigaCX. You are the CEO, the CFO, and the IT security team. If you die without a continuity plan, your family suffers the same fate as Quadriga's customers.
Your net worth creates a "black hole" — it exists, but no one can ever access it.
Automate or Die (With Your Keys)
Gerald could have solved this with a simple dead man's switch. If he hadn't logged in for 14 days, an email could have been sent to his lawyer or wife with the master passwords.
He didn't doing it. He thought he was young and invincible. You probably think so too. Statistics suggest otherwise.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute legal, financial, or technical advice. ZeroLatch is a software service, not a law firm. We recommend consulting with qualified professionals regarding your specific estate planning, data privacy, and security needs.
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