Bitcoin and cryptocurrency exchange Quadriga, the largest crypto exchange in Canada, has said it's lost access to millions of dollars worth of bitcoin and other cryptocurrencies after the exchange's chief executive and co-founder died suddenly late last year—taking the passwords and recovery keys to computers with him. Quadriga allowed the trading of bitcoin, litecoin and ethereum before operations were suspended last month. According to report filings Quadriga holds around 26,500 bitcoin ($92.3 million), 200,000 litecoin ($6.5 million) and some 430,000 ether ($46 million), as well as over $2 million in bitcoin varients, bitcoin cash, bitcoin SV and bitcoin gold. The latest bitcoin exchange problem will deal a further blow to the burgeoning bitcoin and cryptocurrency sector, which has been rocked multiple times over its short 10-year lifespan by exchange scandals, thefts, and data breaches. "This really highlights the need for the government to take action and regulate cryptocurrency exchanges," Dean Skurka, vice president of rival bitcoin and crypto exchange Bitbuy, said in an interview with the Canadian Broadcasting Corporation.

Source: Forbes February 05, 2019 10:13 UTC