If there’s one thing the internet excels at, it’s helping people forget the rules of Occam’s razor. For many, there are usually no simple explanations for anything, and everything is a signpost to a grand conspiracy to do others harm. In the wake of one man’s death, people on the internet have indulged their worst instincts, although what’s worse is that this time, they might have a point.
QuadrigaCX was one of Canada’s largest Bitcoin exchanges, controlling assets believed to be worth around $200 million CAD. Unfortunately, Gerald Cotten, its co-founder and CEO, passed away in December 2018. Cotten was the only one who could access the company funds, leaving it unable to pay its creditors.
The simplest answer to this is that Cotten, a 30-year-old with a bachelor’s degree in business administration, was not a suitable leader for a bank. His naivety, combined with the relative ease of running a crypto business, meant he didn’t think about better protections. And in the unfortunate event of his passing, the fortune was lost.