“Dig up his body,” say creditors of deceased cryptocurrency player – Naked Security

In his short life, Gerald Cotten was no stranger to controversy, or to financial crises.

Cotten was the co-founder of what ended up as Canada’s biggest cryptocurrency exhange, QuadrigaCX.

You could put in regular money – or, apparently, hand over gold – in return for one or more cryptocurrencies; you could do same thing in reverse, too, and cash out your cryptocoins to suit yourself.

At least, that was the theory.

But Cotten didn’t have an easy time keeping his business on track, especially when the Bitcoin price shot up dramatically during 2016 and 2017, surging from around $400 at the end of 2015 to just shy of $20,000 at the end of 2017.

Demand was huge and it was mostly money pouring in, until 2018, when the price descended back down to about $3000 and lots of customers wanted to take their money out.

But transactions take effort, cost money, and generate paperwork, even if the paperwork is mostly digital these days; just the basic mechanics of doing business can start consuming all your time.

And if the transaction involves paying money out, you need to be able to lay your hands on that money in a timely fashion.