English हिन्दी
Connect with us

Latest world news

Bitcoin, other cryptocurrency holders’ funds in limbo as CEO with password dies in Jaipur

Published

on

[vc_row][vc_column][vc_column_text]At least C$190 million ($145 million) of investors in Bitcoin and other digital currency holders got lost in cyberspace after the chief executive of cryptocurrency exchange QuadrigaCX, Gerald Cotten, the only person with password and security keys to access the money, died suddenly while in Jaipur, India.

Cotten, 30, died of complications from Crohn’s disease on December 9.

While efforts to crack the code and retrieve the money have not yielded results yet, the Vancouver-based company had moved court seeking protection from creditors after weeks of attempting to “locate and secure our very significant cryptocurrency reserves” following Cotten’s death.

The company, QuadrigaCX, said in court filings that the CEO, Gerald Cotten, was the only person who knew the security keys and passwords needed to access the funds.

AFP reported that a Canadian court on Monday granted bankruptcy protection to the company. Another report said that the Supreme Court of Nova Scotia on Tuesday approved the company’s request for protection against creditors for 30 days and the appointment of accounting firm Ernst & Young to sort out Quadriga’s finances and explore a possible sale.

Cotten’s widow Jennifer Robertson said the company has been unable to access an encrypted computer that Cotten reportedly used to store the cryptocurrencies to 1,15,000 users. “I do not know the password or recovery key,” she said. “Despite repeated and diligent searches, I have not been able to find them written down anywhere.”

She added that an expert “has had some limited success in recovering a few coins and some information on Gerry’s cellphones and other computer, but not yet from the main computer he used to conduct business [with]”.

Robertson’s affidavit stated that Cotten’s laptop, email addresses and messaging system were encrypted to prevent them from being hacked, Bloomberg reported. Cotten was the only person in charge of funds and coins as well as the banking and accounting side of the business.

Cotten filed a will on Nov 27, 2018, 12 days before his death listing substantial assets, according to court documents, said a report on NDTV. He left all his assets to his wife, Jennifer Robertson, and made her the executor to his estate, the documents show.

The exchange, launched in December 2013, allowed users to deposit cash or cryptocurrency through its online trading platform, storing the digital coins on blockchain ledgers that are accessible only by an immutable alphanumeric code. The company had 363,000 registered users, of which 92,000 have account balances owing to them in cash or cryptocurrencies, according to court filings. Cotten was the sole officer and director.

The firm can’t retrieve about C$190 million in Bitcoin, Litecoin, Ether and other digital tokens held for its customers, nor can Vancouver-based Quadriga CX pay the C$70 million in cash those clients are owed.

Cotten was always conscious about security – the laptop, email addresses and messaging system he used to run the 5-year-old business were encrypted. He took sole responsibility for the handling of funds and coins and the banking and accounting side of the business and, to avoid being hacked, moved the “majority” of digital coins into what’s known as cold storage, or unconnected to the internet, the filing said.

The problem is, Robertson said she can’t find his passwords or any business records for the company. Experts brought in to try to hack into Cotten’s other computers and mobile phone met with only “limited success” and attempts to circumvent an encrypted USB key have been foiled, she said in the court filing.

The company’s inability to release its clients’ money has created an uproar among angry — and highly suspicious — investors.

While other crypto exchanges have lost their clients’ money, this appears to be the first one that has said it actually lost the keys to its accounts.

Some Quadriga clients who claim they’re owed money are pursuing their own legal avenues, including software engineer Xitong Zou of Orillia, Ontario. The client claims to be owed about C$560,000 from Quadriga — “one of the largest individual affected users” — according to the affidavit filed in a Halifax court on Feb. 5.

Xitong Zou and others are part of an informal committee of affected users that retained law firm Bennett Jones LLP and McInnes Cooper to represent them during the creditor protection proceedings.

Other customers named in the affidavit include: Tong Zou, with C$560,000 outstanding Epsilon One Pty Ltd., with C$1.04 million and $81,697 outstanding Matthew Leudy, with C$438,677 outstanding Benoit Gagne, with C$371,000 outstanding Block Trading Corp., with C$678,043 Tin Do, with C$525,000 and 523 Ethereum.

Quadriga’s platform went offline Jan. 28, and frustrated investors have taken to Reddit and Twitter to discuss their investigations into the company’s claims and potential lawsuits. Some questioned whether Cotten had indeed died — or whether, perhaps, he had faked his death to pull off what is known as an exit scam.

“The death came at a very odd time in the history of that company,” said Emin Gün Sirer, a professor at Cornell University and co-director of the Initiative for CryptoCurrencies and Contracts, according to a New York Times (NYT) report.

He noted that various online sleuths had been searching the blockchain, a ledger that can be updated by decentralized networks, for evidence of where Quadriga had stored its assets, but had found none, which raised red flags.

When it shut down, Quadriga’s platform had 363,000 users, and 115,000 of them had balances in their accounts: about $180 million in cryptocurrency and $70 million in Canadian currency, the court documents state. The exchange enabled trades of bitcoin, Litecoin and Ether, plus other types of cryptocurrency. The largest user claim was valued at about $70 million.

Quadriga was one of 237 widely recognized public cryptocurrency exchanges worldwide, Sirer told NYT. In terms of daily trade volume, it was ranked in the middle of the pack as of October, according to the website CoinMarketCap.

The exchange kept currency in “hot wallets,” which were connected to the internet and could quickly fulfill withdrawal requests, and “cold wallets,” which were kept offline and stored physically, such as on a USB stick, making them more secure, according to court papers.

Cryptocurrency investors, on social media and in interviews, questioned why a chief executive would be the sole point of access to such a vast sum.

In an initial report to the court, Ernst & Young wrote that it was facing an extraordinary set of case facts. Quadriga had no discernible accounting system and no bank account, according to the filing. Cotten typically sent directions to release payments, which were made through third-party payment processors, to employees by email, and payment inflows and outflows “were not systemically tracked,” Ernst & Young wrote.[/vc_column_text][/vc_column][/vc_row]

India News

Russian missile strike on religious holiday kills 21 in Sumy, President Zelenskiy condemns Palm Sunday attack

A Russian missile attack on Ukraine’s Sumy killed 21 people and injured 83 on Palm Sunday, prompting President Zelenskiy to urge strong global action against Moscow.

Published

on

Sunday Palm Attack, Zelensky condemns

At least 21 people were killed and 83 others wounded in a Russian ballistic missile strike on the northern Ukrainian city of Sumy on Sunday morning, in what has been described as one of the deadliest attacks on Ukraine this year. The strike hit a bustling area of the city, with victims found on the streets, in public transport, vehicles, and buildings, Ukrainian officials said.

The timing of the attack – on Palm Sunday, a significant Christian religious day – has added to the outrage. Ukrainian President Volodymyr Zelenskiy denounced the strike, calling for a strong international response and labeling it an act of terror.

“Only scoundrels can act like this. Taking the lives of ordinary people… on a day when people go to church: Palm Sunday,” Zelenskiy posted on social media, along with harrowing footage showing bodies lying on the street, a destroyed bus, and charred vehicles.

Civilian destruction called ‘deliberate’

Ukraine’s Interior Minister Ihor Klymenko said the missile strike deliberately targeted civilians during a religious feast day. “Deliberate destruction of civilians on an important church feast day,” Klymenko wrote. He confirmed that the victims included people on foot, traveling in public transport, in private vehicles, and inside buildings at the time of the impact.

The strike triggered an outpouring of grief and condemnation across Ukraine and the international community.

US envoy visit sparks fresh scrutiny

The missile attack came just two days after U.S. envoy Steve Witkoff, a special representative of former President Donald Trump, held talks with Russian President Vladimir Putin in St. Petersburg as part of an effort to negotiate a peace deal. The timing of the Sumy strike has drawn criticism from Ukrainian officials, with Andriy Kovalenko, head of Ukraine’s Centre for Countering Disinformation, accusing Russia of “building diplomacy around strikes on civilians.”

“Russia is building all this so-called diplomacy… around strikes on civilians,” he posted on Telegram.

Zelenskiy reiterated his demand for stronger U.S. and European action, stating that missile strikes and aerial bombs cannot be stopped by talks alone. “Russia wants exactly this kind of terror and is dragging out this war. Without pressure on the aggressor, peace is impossible,” he warned.

War continues despite ceasefire talk

The missile strike on Sumy underscores the ongoing intensity of the war, which began with Russia’s full-scale invasion in February 2022. Russia currently occupies around 20% of Ukraine’s territory in the east and south. Although both nations agreed last month to avoid strikes on each other’s energy infrastructure, Russia claimed on Saturday that Ukraine carried out five attacks on its energy facilities – calling it a violation of the U.S.-brokered moratorium.

Ukraine, however, maintains that it is Russia that has repeatedly breached the pause with continued drone and missile strikes on Ukrainian civilian areas.

Continue Reading

Latest world news

China reacts after Zelensky accuses Russia of dragging Beijing into Ukraine war

Without directly naming Zelensky, Lin urged all concerned parties to “correctly and soberly understand China’s role and refrain from making irresponsible statements.”

Published

on

China on Thursday, April 10, reiterated its commitment to promoting peace in the Ukraine conflict while cautioning against “irresponsible remarks” from relevant parties, in an apparent response to Ukrainian President Volodymyr Zelensky’s recent allegations.

Zelensky had claimed on Wednesday that 155 Chinese citizens were fighting alongside Russian forces in Ukraine, a statement that drew sharp rebuttals from both Beijing and Moscow.

During a regular news conference, Chinese Foreign Ministry spokesperson Lin Jian emphasized China’s neutral position, stating, “I would like to reiterate that China is neither the initiator of the Ukrainian crisis nor a participating party. We are a firm supporter and active promoter of a peaceful settlement.”

Without directly naming Zelensky, Lin urged all concerned parties to “correctly and soberly understand China’s role and refrain from making irresponsible statements.”

China, which has maintained a “no-limits” strategic partnership with Russia since early 2022, has positioned itself as a mediator in efforts to end the war, avoiding any direct criticism of Russia’s full-scale invasion of Ukraine that began in February of that year.

Lin also reiterated Beijing’s official guidance to its citizens, urging them to avoid armed conflict zones and “refrain from participating in military actions on either side.”

Zelensky’s comments stemmed from reports of two Chinese nationals captured by Ukrainian forces in eastern Ukraine, where Russian troops have been making gains. He alleged that Russia was recruiting Chinese citizens through social media, with the knowledge of Chinese officials, and that Ukraine’s security services had compiled detailed lists including names, birth dates, and military unit assignments of these individuals.

Zelensky further suggested that Ukraine was investigating whether these recruits were acting under instructions from Beijing, labeling their involvement as Russia’s “second mistake” in the war—following what he and Western nations describe as the deployment of over 11,000 North Korean troops to Russia’s Kursk region.

Meanwhile, the Kremlin, on the same day, dismissed Zelensky’s assertions that China was being drawn into the conflict.

Kremlin spokesperson Dmitry Peskov told reporters, “This is not the case. China maintains a balanced position. China is our strategic partner, friend, and comrade.” Peskov argued that Moscow was not pulling Beijing into the fray and countered, “Zelenskyy is wrong.”

The backdrop to these exchanges is the deep ties between Russia and China, which were formalized days before President Vladimir Putin ordered the invasion of Ukraine in February 2022. This partnership has allowed both nations to coordinate closely on geopolitical issues, with China often acting as a counterbalance to Western influence.

Continue Reading

India News

Nightclub roof collapse in Dominican Republic: Toll crosses 114

As concrete slabs crashed down, more than 114 people were killed, and many others were trapped on a packed dance floor where attendees were enthusiastically enjoying a merengue concert early Tuesday morning. Authorities reported over 255 injuries.

Published

on

The iconic Jet Set nightclub in Santo Domingo was bustling with musicians, athletes, and government officials when debris began to fall from the ceiling, landing in patrons’ drinks.

Tragedy struck with the collapse of the entire roof, claiming the lives of at least 98 individuals and injuring around 160 in one of the worst nightclub disasters in the Dominican Republic’s history. As concrete slabs crashed down, more than 114 people were killed, and many others were trapped on a packed dance floor where attendees were enthusiastically enjoying a merengue concert early Tuesday morning. Authorities reported over 255 injuries.

Among the deceased was Rubby Pérez, a beloved merengue star who had been performing just moments before the calamity. His body was recovered early Wednesday, according to emergency operations director Juan Manuel Méndez.

Rescue teams continued to search for survivors more than a day after the incident. “We will remain here as long as there are reports of missing persons,” Méndez stated.

Assistance arrived from rescue teams from Puerto Rico and Israel on Wednesday to aid local officials in their efforts.

As night fell on Tuesday, families and friends still searching for their loved ones gathered outside the club, where a guitarist played soothing melodies while they sang hymns.

Only 32 victims have been identified thus far in what is marked as one of the Dominican Republic’s deadliest disasters. Reports indicate that among the victims were a cardiologist, a government architect, a retired police officer, and the brother of the vice minister of Youth.

Also among the deceased are MLB pitcher Octavio Dotel and Dominican player Tony Enrique Blanco Cabrera, as confirmed by Satosky Terrero, spokesperson for the Professional Baseball League.

Nelsy Cruz, the Governor of Montecristi province and sister of seven-time MLB All-Star Nelson Cruz, informed President Luis Abinader about the disaster. Tragically, she called for help from beneath the rubble but later succumbed to her injuries in a hospital.

Other casualties included saxophonist Luis Solís, who was performing on stage when the roof fell, several Venezuelan bartenders, and an Army officer who left behind four daughters. Grupo Popular, a financial services firm, noted that three of its employees perished, including the president of AFP Popular Bank and his wife. Unfortunately, many more victims remain unidentified.

“I’ve searched all the hospitals and haven’t found her,” lamented Deysi Suriel, who was desperately trying to locate her friend, 61-year-old Milca Curiel, during her vacation in the Dominican Republic.

Numerous anxious relatives flocked to the National Institute of Forensic Pathology to search through lists of victims, while others scoured hospitals, clutching photos of their loved ones.

“There’s a lot of pain,” commented Senator Daniel Rivera, the former public health minister. “We must exercise patience.”

Among those desperately looking for their families was Kimberly Jones, whose godson, 45-year-old artist Osiris Blanc, and his friends were unaccounted for.

Continue Reading

Trending

© Copyright 2022 APNLIVE.com