QuadrigaCX loses $Millions behind the crypto-sofasteemCreated with Sketch.

in #cryptocurrency • 6 years ago (edited)

Zappa Sofa.jpg

A cryptocurrency exchange in Canada has lost control of at least $137 million of its customers’ assets following the sudden death of its founder, who was the only person known to have access the the offline wallet that stored the digital coins. British Columbia-based QuadrigaCX is unable to access most or all of another $53 million because it’s tied up in disputes with third parties.

https://arstechnica.com/information-technology/2019/02/digital-exchange-loses-137-million-as-founder-takes-passwords-to-the-grave/?mbid=synd_digg

And you thought Steemit had problems...

#facepalm #partiko
6 years ago in #cryptocurrency by
$0.30
  • Past Payouts $0.30
  • - Author $0.24
  • - Curators $0.07
13 votes
Reply 7
Sort:  
  • Trending
    • [-]
     6 years ago 

    That's a serious mistake for a company, but I suspect a lot of us have not made plans for giving our families access to our crypto of something happens to us. They would need some instructions as well as the keys.

    $0.04
    • Past Payouts $0.04
    • - Author $0.04
    • - Curators $0.00
    2 votes
    Reply
    [-]
     6 years ago 

    I hope they've tried correcthorsebatterystaple.

    Consider that had the laptop been stolen they would have been in the same pickle. This is just plain stupidity, to have a vital piece of information stored in a single place with only one human having access to it. How hard would it have been for another executive at the company to have the same data?

    [-]
     6 years ago 

    It's also possible to split keys so that some minimum subset of people needs to get together to unlock the data. It's a solved problem

    $0.00
      Reply
      [-]
       6 years ago 

      And yet, they failed...

      Posted using Partiko Android

      [-]
       6 years ago 

      The technology may be good, but people are imperfect. Maybe the boss didn't trust anyone enough.

      [-]
       6 years ago 

      Congratulations @hockney! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :

      You published more than 80 posts. Your next target is to reach 90 posts.

      Click here to view your Board
      If you no longer want to receive notifications, reply to this comment with the word STOP

      To support your work, I also upvoted your post!

      You can upvote this notification to help all Steemit users. Learn why here!

      [-]
       6 years ago 

      Thank you so much for being an awesome Partiko user! We have just given you a free upvote!

      The more Partiko Points you have, the more likely you will get a free upvote from us! You can earn 30 Partiko Points for each post made using Partiko, and you can make 10 Points per comment.

      One easy way to earn Partiko Point fast is to look at posts under the #introduceyourself tag and welcome new Steem users by commenting under their posts using Partiko!

      If you have questions, don't feel hesitant to reach out to us by sending us a Partiko Message, or leaving a comment under our post!