Setting multiple approvers to avoid fund loss in cryptocurrency wallets
QuadrigaCX, the largest cryptocurrency exchange in Canada, made the headlines recently for a very unfortunate reason. The exchange CEO, Gerald Cotten, passed away leaving no access to the exchange’s cold wallets. The cold wallets stored $190 million in different cryptocurrencies, including Bitcoin, Bitcoin Cash, Bitcoin Gold, Litecoin and Ethereum, both from the exchange and from its users. All these funds are lost since there is no way to retrieve the private keys.