Risk of Crypto-Currency Investment!!!!

Customers of Canada’s largest Crypto-company, Quadriga, could lose up to $250 Million USD. This follows the sudden death of its CEO, who apparently had the only bitcoin wallet password.

The funds were allegedly stored in so-called cold storage wallets, meaning they are not connected to the internet and accessible to only people who knew the private keys, or passwords. This is standard practice for many cryptocurrency exchanges, as it helps to prevent hacking. Experts say it is unusual for the keys to be held by just one person.

Cryptocurrencies' value have dropped from a peak of $17,000+ USD in 2017 to its current value of ~$3,400 USD. Like other exchanges, Quadriga has been under increased pressure as users look to cash out. Without the password, Quadriga was unable to satisfy withdrawal requests. Today, Quadriga will formally request creditor protection.

It is incorrectly assumed that the typical Bitcoin user is young with large cash reserves. The average age is apparently 45 years old. Many of Quadriga’s clients will unfortunately lose their retirement savings.