re: #382 wheat-dogg, raker of forests, master of steam

I had heard about the QuadrigaCX shutdown, but only today got to see the details.

So, the CEO of the company had sole control of the exchange funds. According to the Coindesk article, he would move funds from the exchange’s hot wallets (the ones that face the users of the exchange) to the cold wallets (the ones that are not connected to the Internet). Wisely, he encrypted the cold wallets to prevent hacking attacks. Unwisely, he’s the only one who apparently had the decryption code.

Why anyone thought this was a good idea defies description. You never ever have one person in sole control of a company’s funds.

Or… it’s a lie. He gave her the passwords/decryption code before he died, she’s pretending it died with him. And she’ll turn up in a couple of years in a no-extradition country with a fortune she’ll refuse to explain the origin of.