Canadian Crypto Exchange Loses $145 Million Because CEO With The Only Password Passes Away

Canadian Crypto Exchange Loses $145 Million Because CEO With The Only Password Passes Away

One of the largest bitcoin exchanges in Canada has reported a loss of almost $ 145 million USD. QuadrigaCX claims to have lost access to the companies cold storage containing a sizeable amount of crypto assets.  Included in the offline cold storage was 26,500 Bitcoin, 430,000 Ether, and 200,000 Litecoin.

From thehackernews.com:

“Following the sudden death of Gerry Cotten, founder and chief executive officer QuadrigaCX, the Canadian exchange this week filed for legal protection from creditors in the Nova Scotia Supreme Court until it locates and secures access to the lost funds.
In a sworn affidavit filed by Cotten’s widow Jennifer Robertson and obtained by Coindesk, Robertson said QuadrigaCX owes its customers some CAD 260 million (USD 198 Million) in both cryptocurrencies, including Bitcoin, Bitcoin Cash, Litecoin, and Ethereum, as well as fiat money.
However, Robertson said the cryptocurrency exchange only has smaller amount in a ‘hot wallet’ (USD 286,000), claiming that to protect its users funds from hackers, majority of coins were kept in a ‘cold wallet’—a physical device that is not connected to the internet—by Cotten, who died of Crohn’s disease on December 9 in Jaipur, India.”

 

But not everybody is buying the story. Some researchers and QuadrigaCX users have been doubtful of the Canadian crypto exchange’s claims. The amount claimed seems higher than it should be. Some claim QuadrigaCX never had access to such a large pool of funds. It could be true but it could also be a sneaky exit scam.  

If the claim is true, the company will be filing for bankruptcy and the crypto assets on the cold storage will never be accessed again.  

Keep your passwords safe friends! And make sure you have a way for your beneficiaries to securely access your passwords and modern-day keys. 

Exodus Now Offers In-Wallet EOS Registration! Register Before June!

Exodus Now Offers In-Wallet EOS Registration! Register Before June!

The Exodus team has done everyone a big favor by making EOS registration a piece of cake! They literally made a one-button method for completing the EOS token registration. This must be done before the end of the ICO on June 1st, when the real EOS blockchain launches.

“As a wallet that strives to make cryptocurrency intuitive and easy, we feel that a difficult EOS registration process is deterring and we hope that adding this function relieves some stress from blockchain banking.” – Exodus

You must have at least 0.005 ETH in your Exodus wallet to complete the process. EOS is a token on Ethereum up until the snapshot. This means fees must be paid in ETH.

If the GIF above doesn’t explain the process thoroughly enough, follow these directions: open up the “Help” menu in Exodus, then scroll down to the bottom until you see the entry for EOS registration, and then click on it. Then click on the Big Green Button and it will ask you to confirm you want to register.

Once clicked, your EOS tokens are registered to the EOS Mainnet address of your Exodus wallet!

 

* If you have already registered your EOS address, the message that your address is not registered will still appear. If you would like you can override the old one and register your address again from within Exodus. This will create a new EOS Mainnet address and Private Key (stored in Exodus).

If you don’t see the options to register, make sure your Exodus wallet is up to date. The current version is 1.50.1

Check out this in-depth blog post and the source for this post for more details on the the swap from EOS ERC-20 tokens to mainnet assets.

Check Out Our Most Popular EOS T-shirts and Hoodies!

Americans Can Pick Up EOS Tokens On BITFINEX

Americans Can Pick Up EOS Tokens On BITFINEX

Many people believe the EOS project will help create a new and better path for decentralized ecosystems and economies. EOS tokens have the ability to take cryptocurrency to new heights.

EOS has been described as the “Ethereum Killer” and will “build on more than 4 years of continuous development and innovation from the BitShares and Steem community”. Source

From the EOS WhitePaper:

The EOS.IO software introduces a new blockchain architecture designed to enable vertical and horizontal scaling of decentralized applications. This is achieved by creating an operating system-like construct upon which applications can be built. The software provides accounts, authentication, databases, asynchronous communication and the scheduling of applications across hundreds of CPU cores or clusters. The resulting technology is a blockchain architecture that scales to millions of transactions per second, eliminates user fees, and allows for quick and easy deployment of decentralized applications.

Source: Block.one

Dan Larimer is leading the EOS project as the CTO.  He brought many innovations to the distributed ledger scene with BitShares and Steemit and his blockchain advocates say he will do even more impressive things with EOS.

 

There Are Now 3 Ways To Pick Up EOS Tokens

 

  1. Pick up EOS tokens on exchanges like Bitfinex or Kraken.
  2. Via the EOS ICO windows on Ethereum.
  3. Via the Exchange in the Exodus Wallet.

For Block One’s protection, US citizens and residents are not technically supposed to purchase EOS tokens via the ICO window, although many will by using VPNs.

Bitfinex is allowing EOS trading for US residents. We know this for a fact because we tested the process with US resident credentials on Bitfinex.

The Ethereum ICO (initial coin offering) for EOS will last an entire year. The first 20% of tokens were released during the first five days of the ICO. Another 70% of the token supply will be distributed in equal amounts everyday over the remainder of the year. Each day you can participate in the ICO window and purchase EOS. The last 10% of tokens are being held by EOS.

Any EOS picked up in 2017 is likely to produce huge returns over the next 5-10 years. We have high hopes for this blockchain project.

*If you do pickup EOS on the exchanges, you will need to make sure you have extracted your tokens to an Ethereum wallet before the real EOS token release next year. Moreover, this wallet must allow you to hold the private keys. This is very important.  You will want to claim the real tokens on the EOS blockchain. What is out right now is the ICO crowdfund token on Ethereum.

EOS Consensus Presentation May 2017

EXODUS Bitcoin Wallet Review

EXODUS Bitcoin Wallet Review

In order to obtain and store digital currency, you will need a wallet. For this post we will focus on a popular desktop wallet application for storing multiple types of cryptocurrency. Here is our EXODUS Bitcoin Wallet Review:

In layman’s term a wallet is simply software program that can communicate with a blockchain. It must have unique addresses to receive and send cryptocurrency (virtual tokens).

The Exodus Wallet Fully supports Bitcoin, Ethereum, Dash, Litecoin, and Dogecoin. It is rumored that they will soon support Factoids, the digital token for Factom (a project that stores digital records on the blockchain).

Exodus is rated quite well on CryptoCompare. It currently has a 4.8 out of 5 rating. 

We prefer Exodus because of the beautiful user interface, private key control, and multi asset support.

Built In Exchange

The Exodus wallet leverages the ShapeShift digital currency exchange. It is conveniently built into the wallet.

No longer do you have to risk keeping your funds on an exchange. You can get great exchange rates from within the wallet.

 

Full Control Of Private Keys

“Exodus encrypts private keys and transaction data locally for your eyes only – no accounts, no servers, no data sharing.”

Additionally you can easily keep your wallet safe and backed up with the Exodus backup wizard.

 

Exodus Bitcoin Wallet Review Video:

 

Download & Start Using The Exodus Wallet.