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posted by martyb on Thursday March 07 2019, @02:19AM   Printer-friendly
from the Sitting-on-the-beach,-earning-20%? dept.

Following on from an earlier story about the Canadian Crypto exchange whose owner died under suspicious circumstances with the keys to $137m of customers' assets, Business Insider Australia reports that some progress has been made[*] Spoiler alert: the funds are all gone.

The case has sparked numerous theories, including that he faked his own death and ran off with the cash. However, court-appointed auditor Ernst & Young was able to crack Cotten's laptop. What they found, according to an EY report dated March 1, the accounts had been emptied in April 2018, eight months before his death.[*]

[* Ed.'s Update/Correction -- FP]

[...] A court-appointed auditor, Ernst & Young, has secured Cotten’s laptop, home computer, USB keys and home computer. Using public blockchain records, it determined the digital wallets thought to contain millions were emptied in April, eight months before his death [...]

I'm shocked, I tell you. Shocked.


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  • (Score: 1) by khallow on Thursday March 07 2019, @03:19PM

    by khallow (3766) Subscriber Badge on Thursday March 07 2019, @03:19PM (#811146) Journal

    People should stop using those unregulated, uninsured exchanges.

    Why? It's not like it's relevant to society whether a small portion is taking such risks. My view is that unregulated markets serve a number of vital roles in society. First, here as a lesson to the rest of us. One can't begin to accurately describe fraud without examples of it. Such unregulated markets are likely to be the first places for sophisticated new scams and deception techniques to be employed. Second, it allows us to rout around damage. For example, if a country screws up its currency with hyperinflation, then cryptocurrencies become a handy backup to enable trade to continue.