[gizmodo.com]
Crypto Exchange Says It Can't Repay $190 Million to Clients After Founder Dies With Only Password
Well, I guess they can take comfort in knowing that their money is secure
The recent incident with the crypto exchange is indeed concerning, and it highlights the unique challenges and risks associated with the cryptocurrency world. It's a stark reminder of the critical role security measures play in safeguarding digital assets.
For those who may be hesitant about the security aspects of cryptocurrency but still want to explore the potential of blockchain technology and digital assets, it might be worthwhile to explore Upcoming ICOs. This can provide insights into new projects and their approach to security and transparency.
This seems really bizarre as surely it was not necessary for the CEO to manually input a password anytime someone wanted to make a withdrawal from a cold storage account. Long-term storage is always slower, like using Amazon's AWS Glacier storage services. But by design, Bitcoin is accessed by a user's password and password phrases which, if lost, can never be retrieved. But I do not see how it would work that way at the exchange. Unless this was the WORST cryptocurrency exchange in existence.
I see many folks in this thread do not understand cryptocurrencies. That's OK, I'm not going to get into it but I will say that Block Chain technology will be used in MANY other areas. It already is.
Interesting...sounds suspect...definitely not the norm for other bitcoin exhanges...
Interesting. The only reason one would use that is if they are doing illegal shit.
I know a guy that bought into it and tried to tell me how great it was, but he couldn't explain to me what the value was based on in any way that boosted my confidence.
@chalupacabre It's really a mystery as to how it works. It's like the stock market and it goes up and down. The only reason why you would use things like this is for anonymity.
I invested in Bitcoin, Litecoin and Ethereum and not doing anything shady.
@Lucy_Fehr HORSE SHIT! Look at the companies that accept it...
@TheGreatShadow Do you have proof that I am doing something shady other than the fact that I bought cyrptocurrency?
Sounds a bit dodgy to me. Is he really dead or is he living under an assumed name in Bognor
There's just a whole lotta stink coming off this one. Hundreds of millions of dollars locked behind a single password, in a company with prior legal issues, and no business records? Yeah, good luck getting blood from that stone!