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BTC investors are out $190m after the only guy with the password dies, firm says
- freedomben 8y agoA very expensive reminder that the "bus factor" is a real threat. Most startups I've worked at had (at least at one point) only a single person with passwords to things like the AWS root account, and other similarly important things. What happens if that person disappears? Scary stuff for anybody on the hook for business continuity.
- h1d 8y agoAnd you really believe they have lost $190mn or they pretend it's locked up until everyone forgets about the news?
- dragonwriter 8y ago> A very expensive reminder that the "bus factor" is a real threat. The bus factor is a real threat, but there seem to be fairly serious questions about whether bus factor is anything but a cover story for fraud here.
- solatic 8y agoBut it does raise questions about whether the company was civilly negligent in safeguarding company assets. Board members and/or high ranking company officers may have legal exposure. (IANAL)
- dragonwriter 8y agoNote that other sources are suggesting that there is evidence that the cold wallets at issue never existed, the firms was shuffling coins from new investors to pay withdrawals before the supposed loss, that Quadriga previously claimed to use multisig wallets, and that the whole death-and-lost-keys story may be fake. https://cryptonews.com/news/the-quadrigacx-case-just-got-a-whole-lot-more-complicated-3309.htm https://cryptonews.com/news/the-quadrigacx-case-just-got-a-w...
- walrus01 8y agoI would bet $50 that the guy is not dead. It can't be that expensive or difficult to get a fake death certificate in India. Either the cold wallet never existed in the first place, in which case their company was an elaborate ponzi scheme, or he's absconded with the contents of it.
- h1d 8y agoMaybe dead but other people may have thought it's a nice excuse to pretend the money is lost. Few years later, it may move again.