February 5, 2019

Life Safe® could have prevented investors losing £140m after crypto trader’s death

The founder, Gerald Cotten, of Canada’s leading cryptocurrency exchange, QuadrigaCX, has died leaving investors unable to access their digital currencies.

Cotten died unexpectedly aged just 30 and apparently was the only person with the passwords needed to access investors’ digital assets.

Hilesh Chavda of Royds Withy King, who advises clients on their digital assets and legacies, said: “The lure of cryptocurrency remains strong. However, this sad case highlights that investors need to be careful when investing significant sums of money in cryptocurrencies. The fact that just one individual held the key to these digital assets should have set alarm bells ringing.

“Cryptocurrencies are not regulated and consequently investors have very little protection if things do go wrong. It brings into sharp focus some of the downsides of cryptocurrencies being decentralised and investing in something that regulators and and legislators have not had a chance to catch up with.”

Law firm Royds Withy King launched Life Safe®, a secure online legacy management portal to help people manage and safeguard their digital passwords and other assets, in Autumn last year, that can help in these types of situations.

Hilesh continued: “Life Safe is a secure online vault where individuals can store and keep track of their personal affairs and assets. That might be powers of attorney, your Will, deeds to a property, details of valuable collections or digital passwords, such as those associated with cryptocurrencies.

“Life Safe is available exclusively through Royds Withy King, providing a simple yet secure way for individuals and families to keep safe their most important documents and develop a record of their valuable and treasured assets.  Should the unimaginable happen, such as a sudden bereavement, a fire or a burglary, Life Safe provides clients with peace of mind knowing that their affairs are in order and that they, or their loved ones, will be able to access the information they need.”

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