QuadrigaCX Chief Executive Gerald Cotten allegedly feared for his life because of the massive amounts of funds he controlled. According to the latest information that comes in our altcoin news, a former friend and colleague claims that Cotten was under a lot of pressure.
Adam O’Brien, an entrepreneur and a close friend to the QuadrigaCX Chief Executive, explained that Cotten worried that he might end up being kidnapped because of the crypto assets holdings since they reached a sum of millions of dollars that only he had access to, according to the statement in the Global News:
‘’Gerry was holding, we know, over $100 million, almost $200 million dollars in funds. That makes people do some pretty crazy things. And I think Gerry was aware of that, and I think he was kind of worried that something might happen.’’
O’Brien also outlined that the only way to access the funds is if Cotten had already set up multiple contingency measures. He stated that the QuadrigaCX Chief executive should create a backup system in case anything goes wrong. This information can be hopeful for some users of the exchange but everything could be lost if there isn’t a backup system built.
When he described Cotten, O’Brien noted that the QuadrigaCX chief executive was a super smart man but that ‘’ a dead man’s switch would be something that Gerry would have had to set up before he passed away.’’
Usually, this kind of a ‘’switch’’ is activated over a long time of inactivity. Some believe that the dead man’s trigger services could send an email to all of the users in a specified period over a month or two. The user is then expected to respond to the emails by clicking a link. However, if the user does not click the link, the trigger is activated instantly or over a grace period. Activation involves sending emails with specific instructions. This is what O’Brien believes that the QuadrigaCX chief executive has already done.
As we mentioned previously in the latest cryptocurrency news, the QuadrigaCX chief executive Gerald Cotten died in India after a complication from Crohn’s disease. The funds cannot be accessed still.
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‘’Intranel made us an offer that for 20% of the company they would handle all of the business management and development things like helping with hiring and managing staff, paying tax, lobbying for regulator guidance and all the ‘boring’ business stuff.’’The company offered to contract about 4 people to the developers at a discounted rate and also to provide assistance with finding decent employees for Cryptopia. Since then, the story took a turn for the worse since Intranel hired staff only for themselves and contracted the new employees to Cryptopia and they were given unwarranted managerial latitude so when the exchange was very reliant on the staff, Intranel demanded more than 5% equity in the exchange. The cryptopia co-founder resigned from the position and VCdragon claims that he was not even paid during the 1 month holiday. He stated:
‘’They bled money everywhere they could, we paid for tax on their staff’s flu shots? We paid taxes on Christmas fits to their staff and our company bought the gifts. Everything they were unable to take for themselves they pissed into the wind on needless expenses and luxuries to the company could not afford….that ultimately buried us. ‘’In the coming altcoin news was reported that Intranel also attempted to sell the Cryptopia company and was also nearly bankrupt.
Steve Wozniak Co-Founds Blockchain-Based Energy Firm In Malta
Steve Wozniak is in the latest cryptocurrency news for investing a new blockchain-based company that is headquartered in Malta. In the latest updates we can see that Steve Wozniak co-founds the energy efficiency company named Efforce as a report by the Maltese news daily The Malta Independent issued on July 18 shows.
The reports show that Steve Wozniak co-founded the company along with Jacopo Visetti who - as his LinkedIn profile shows - works in the renewable energy and environment sector. The page also shows that Visetti co-founded Efforce in January 2018 which is approximately one year and seven months ago.
The Efforce’s LinkedIn page also features Steve Wozniak in the news - just like many best cryptocurrency news sites at this time. According to the page, the company provides the first blockchain-based platform focused on investing in energy efficiency, with its main goal of “being recognized as the first and main platform in the world for tokenized energy savings.”
In the report which is viral in the altcoin news, Wozniak is featured for his recent statement about Efforce at the pre-launch for the Delta Summit which is a blockchain conference held in Malta every year.
Now that Steve Wozniak co-founds the firm, he also said that "EFFORCE is a unique business model and we can have a great impact on the entrepreneurship."
As the news show, Steve Wozniak reportedly spoke about his view towards blockchain and how he thinks that blockchain will be a great boon to decreasing the public’s environmental impact without requiring people to change their habits. Wozniak also addressed the local government and its pro-blockchain attitude as the key to Efforce’s decision to launch in Malta.
Steve Wozniak also said that efficiency has always been important to him. He said the idea is to save money on energy but also to do good on the environment. “Blockchain will improve the way we use energy and lower energy consumption without changing our habits,” Wozniak said.
As we previously reported, Steve Wozniak also co-founded a blockchain investment project in October 2018 this year. He founded the venture capital fund EQUI Global to support investments in blockchain solutions.
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