Industry observers are in disbelief over the revelation the embattled QuadrigaCX cryptocurrency exchange recently lost track of more than $460,000 in crypto coins. Basically, hot wallets are storage accounts that are easy to get in and out of because they are on the internet. Insolvency expert Tim Hill said the case is highly unusual, given QuadrigaCX has no offices, employees or bank accounts. The representative counsel will speak for the creditors in court, but there's nothing stopping creditors from hiring their own lawyers. QuadrigaCX founder Gerald Cotten, who died in December, seems to have run the company from a single laptop with minimal backup plans.

Source: CBC News February 14, 2019 15:22 UTC