- Wednesday, 06 February 2019 14:20
Gerald Cotten ran QuadrigaCX, one of Canada’s largest crytopcurrency exchange companies. Last month, the company announced that 30 year old Mr. Cotten died in early December of complications from Crohn’s Disease while building orphanages in India. The company also announced that $140 million of cryptocurrency was unavailable because all of the currency was stored on a laptop that only he had access to and no one knew the password. There is concern that the cryptocurrency will be locked on the laptop forever. However, digital forensic experts have questioned whether the currency is actually on the laptop and whether it was moved previously.
One planning point, one investment point, and a lot of shade.
1. This is a classic instance of making sure that your heirs can access your digital accounts after your death. I advise my clients to write down their passwords to prevent heirs from being locked out after death.
2. Cryptocurrency investments can be dangerous enough without trusting them to a twenty-something operating on a laptop out of his house in Nova Scotia.
3. Not to be a conspiracist, but I do question the legitimacy of reports of a young man dying of Crohn’s disease (mortality rate of 1%) while overseas doing charity work with the death reported a month later, and $140 million possibly missing and not simply locked on a computer. Feel free to call me a cynic, though.
Photo Credit: Benoit Tessier/Reuters
License: Fair Use/Education (from linked article)
- Friday, 18 May 2018 08:56
Matthew Mellon was descended from the famous banking family. He died last month at the age of 54 after ingesting the hallucinogenic ayahuasca before starting rehab. At one time he had a $100K/month oxycontin habit.
When Mellon turned 21, he received a $25 million allowance from a family trust, one of 14 trusts established for him. He recently became a billionaire by investing in cryptocurrency. TMZ is reporting that his estate is now petitioning the probate court to authorize the sale of the cryptocurrency.
So many intersecting points in current events:
1. Someone should never give their child $25 million at the age of 21. Trusts can be created to defer an inheritance for as long as necessary.
2. In probate, assets can usually not be sold or transferred until the entire list of assets has been compiled which can take many months. With the decline in value of crytopcurrency, the estate wants to sell it before people realize its true value is likely zero.
3. Mellon might be the wealthiest victim of our tragic opioid crisis.
4. Following the lynching last month of a Canadian who moved to a Peruvian jungle to seek clarity through ayahuasca but somehow killed a shaman, Mellon is the second person whose newsworthy death can be attributed to it.
5. Ayahuasca is described as a sludgelike hallucinogenic potion used by indigenous shamans in spiritual exercises. I will take my drink inspired spiritual experiences through a nice fruit forward cabernet.
Photo Credit: Forbes/Ethan Pines
License: Fair Use/Education (linked article)