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$ 422,000 worth of money floated because of Bitcoin

Written By Hanny & Melissa on Friday, April 19, 2019 | Friday, April 19, 2019

https://www.economicfinancialpoliticalandhealth.com/2019/04/422000-worth-of-money-floated-because.html
The world of cryptocurrency was excited by the news of the death of one of his characters, Gerald Cotten.

Gerald Cotten or the CEO of the QuadrigaCX digital crypto wallet died while visiting India.

His departure Cotten also took the password of the client's crypto asset. Bloomberg estimates the number of assets worth USD 200 million or Rp 2.8 trillion (USD 1 = Rp. 14,045).

Because, Cotten is the only one who has a password that can access crypto assets on QuadrigaCX.


The victims were Tong Zhou, a 30-year-old software engineer who lost his life savings worth USD 422 thousand (Rp. 5.9 billion) in the form of bitcoin.

"It was all my savings, so I only survived with what was left a little and tried to start again". He said (Bloomberg / auth)

Zou is only one of a total of 115 thousand QuadrigaCX clients whose assets cannot be taken due to this case.

He initially wanted to use the money as a transfer fund from the United States (US) to be able to return to live in Canada. He moved to San Francisco after graduating from the University of Toronto in 2011.

QuadrigaCX is a Canadian crypto startup and accepts crypto deposits like Bitcoin, Litcoin, and Ether. The company's CEO died in India on December 9, 2018 due to complications from Crohn's disease.

Gerald Cotten's wife said her late husband was very strict about the security of crypto assets. He called encrypting his laptop, USB, and e-mail. The banking affairs and bookkeeping of QuadrigaCX were also handled directly by Cotten so as not to get hacked.

This case has already entered the legal sphere and the Nova Scotia Constitutional Court gave QuadrigaCX 30 days to gain access to the locked crypto assets.

Crypto currency exchange business began to develop more widely in Indonesia. Talking about crypto currencies, people usually directly point to Bitcoin.


In fact, Bitcoin is only one of the many crypto currencies in the world. in fact, the crypto exchange exchange from South Korean, Upbit, which just entered Indonesia, received the sale and purchase of crypto assets for more than 150 crypto currencies.

But why is only Bitcoin the most famous ...?. Resna Raniadi or Head of Business Development Upbit Indonesia said, Bitcoin is more popular because of the exposure of many parties to the eye. "What makes the Bitcoin position good is because it is already known to consumers and gets more exposure from the media (rather than other crypto currencies)". Resna said that the launch of Upbit Indonesia was completed in January 2019.

He said, because it was well known, the price of Bitcoin was constant and relatively high compared to other crypto currencies. "People say crypto is the same as Bitcoin, even though the crypto asset is a lot, because consumers already know it." He said

For that reason, crypto-exchanger players in Indonesia have the duty to educate consumers of crypto assets not just Bitcoin.

Some of them are Ethereum, Ripple, Bitcoin Cash, Ethereum Classic, Litecoin, etc. "The homework is a lot, therefore education must be runthe education is as simple as an event about the blockchain, about crypto assets, so consumers experience right away. It is also possible for millennial to enter campuses, slowly telling crypto is not just Bitcoin". He Said

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