Crypto exchange QuadrigaCX unable to access its cold wallet, owes customers $190 million

Well, the customers of QuadrigaCX seem to be really worried as the Canadian crypto exchange can no longer access its cold storage and it owes its customers nearly $190 million, according to a report by CoinDesk.

The crypto exchange went offline some three days ago and initially it was thought that routine maintenance was the cause of the glitch. But now it seems that there is something bigger at play than what was initially thought of.

In an affidavit filed on Thursday, Jennifer Robertson, widow of QuadrigaCX founder Gerald Cotten, said that the exchange owes its customers roughly $250 million CAD ($190 million) in both cryptocurrency and fiat.

According to the affidavit, the cryptocurrency exchange holds nearly 26,500 Bitcoin ($92.3 million USD), 11,000 Bitcoin Cash ($1.3 million), 11,000 Bitcoin Cash  SV ($707,000), 35,000 Bitcoin Gold ($352,000), nearly 200,000 Litecoin ($6.5 million) and about 430,000 Ether ($46 million), amounting to nearly $147 million.

Speaking about the current predicament, Jennifer Robertson said, “The normal procedure was that QuadrigaCX founder and CEO Gerald Cotten would move the majority of the coins to cold storage as a way to protect the coins from hacking or other virtual theft.”

She further added that the sole responsibility of handling the funds remained with Gerald Cotten and no one else has the idea how to access the exchange’s cold wallet.

Cotten passed away in Jaipur, India in the month of December last year and it seems that he was the one who had sole access to the cold wallets.

The board of the company has reassured the customers that the issue is being handled in the best possible way and an affidavit has been filed in the Nova Scotia Court requesting the authority to appoint a third party to help the exchange in finding a solution to the problem.

See Also: Crypto exchange and bank face off: QuadrigaCX accuses CIBC of locking funds

Crypto exchange Quadriga CX’s funds taken over by Canadian court

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