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$190M missing after crypto exchange Quadriga CEO dies

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Re: $190M missing after crypto exchange Quadriga CEO dies

#11

Post by sidyapa »

seibelj wrote: post #3

Edit - This is a conspiracy theory but it doesn’t mean it’s totally crazy - there is a good chance this “dead” CEO is still alive. Very shortly before his death he got his affairs in order and flew to India. Then it’s reported he died along with a death certificate from India. Now they can’t find $200mil in crypto and are not reporting the cold storage addresses. Would not surprise me if there has been massive fraud…

I am from India and trust me, finding a public toilet is more difficult than faking a death certificate

Re: $190M missing after crypto exchange Quadriga CEO dies

#12

Post by onetimemanytime »

Lotsa things don't add up and are just too convenient--based on paper articles. But, unless he gambled /lost them, faking his own death probably not going to ensure that he enjoys the loot. But then, not all think it to every detail.

I would have faked a hack and announce that 8% of coins were stolen or whatever. $15 million, means that at least he could have gotten half of it in cash (assuming a laundering discount) and a lot more if the price rises. Retire in a foreign country and be quiet.

Re: $190M missing after crypto exchange Quadriga CEO dies

#13

Post by kkarakk »

Yet another aspect of crypto's long term ignored consequences come to light. i haven't seen ANY possible solution for transfer of crypto after original owner's death. even ethereum doesn't have this simple ability inbuilt(which you'd think would be obvious).

this basic question gets downvoted on any forum you'd think of - husband/wife has large amount of money in crypto, they die due to unforeseen circumstances(or even foreseen circumstances but it's a quick degradation of mental facilities). who does the spouse approach for the crypto? they have proof of death so why don't they get the money? poof, value gone - have fun now you're a destitute relative coz you can't figure out passwords(most grieving relatives can't)!

this is why no one trusts crypto,these simple things aren't a fundamental part of the platform. you get people telling you these convoluted solutions(that may or may not work). the fraud potential is sky high. is crypto only meant as a transient toy?

Re: $190M missing after crypto exchange Quadriga CEO dies

#16

Post by dannyw »

kkarakk wrote: post #13

Yet another aspect of crypto's long term ignored consequences come to light. i haven't seen ANY possible solution for transfer of crypto after original owner's death. even ethereum doesn't have this simple ability inbuilt(which you'd think would be obvious). this basic question gets downvoted on any forum you'd think of - husband/wife has large amount of money in crypto, they die due to unforeseen circumstances(or ev…

This capacity exists, it’s called a dead mans switch. There are many ETH smart contracts which do this.

Re: $190M missing after crypto exchange Quadriga CEO dies

#17

Post by djohnston »

kkarakk wrote: post #13

Yet another aspect of crypto's long term ignored consequences come to light. i haven't seen ANY possible solution for transfer of crypto after original owner's death. even ethereum doesn't have this simple ability inbuilt(which you'd think would be obvious). this basic question gets downvoted on any forum you'd think of - husband/wife has large amount of money in crypto, they die due to unforeseen circumstances(or ev…

there is a way, you give a lawyer a key, or put it in a bank vault and incorporate it into your will. the only reason it's not transferable by default is because people can't touch it without your permission, which is a feature, not a bug.

Re: $190M missing after crypto exchange Quadriga CEO dies

#19

Post by jespern »

kkarakk wrote: post #13

Yet another aspect of crypto's long term ignored consequences come to light. i haven't seen ANY possible solution for transfer of crypto after original owner's death. even ethereum doesn't have this simple ability inbuilt(which you'd think would be obvious). this basic question gets downvoted on any forum you'd think of - husband/wife has large amount of money in crypto, they die due to unforeseen circumstances(or ev…

That's like saying cryptography is faulty since if someone encrypted an important document and threw away the key, it would be irrecoverable. That's the point. As for solutions, there are many: use a multi-sig contract with several owners (like a spouse and/or lawyer), or simply leave the seed phrase to be released in your will. The proposed solutions that "may or may not work" are easy to test, I'm not really sure where you get your information.
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