The hunt for the Crypto King

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Avatar for Tomi-Ajax
1 year ago

How my day went

Today I can describe myself as spiritless; as I lack the motivation and energy to write or even engage actively online.

I was slothful in carrying out all the tasks I have in hand to do, and I left a lot undone.

I just layed on my bed and dozed off. The afternoon heat made me perspire as there wasn't power supply to switch on the fans to make the room cool.

For close to seven days now, we've been without electricity supply in my street and I don't know why. I have been maintaining my online presence, thanks to my power bank and a friend's generator.

I woke up late in the afternoon around 4 pm drenched in sweat, I remembered I recently downloaded some movies, so I decided to check one out.

The movie I got to watch was about cryptocurrency, and it was what led me to download it in the first place.

The movie

No spoilers

Before I discussed the movie and the lessons learnt. I want you to know I'll try as much as possible not to put any spoilers in this article, so that people who intend to watch the movie can enjoy it; just like I did.

I was motivated to write today, thanks to the movie I watched. Titled: "TRUST NO ONE: THE HUNT FOR THE CRYPTO KING"

The movie is a Netflix original documentary movie. Telling a true life incident about a Canadian trading platform called; "QuadrigaCX" and its founder "Gerald Cotten"

QuadrigaCX was at one time dubbed Canada's largest trading platform but now defunct as a result of the actions and the death of its CEO Gerald Cotten.

At the point of his death the company was owing over hundred thousand customers a whooping sum of "190 million US dollars" equivalent to "250 million Canadian dollars."

The movie is an investigative movie that features interviews of different set of people ranging from; people who knew Gerald Cotten when he was still a Bitcoin activist before he founded the trading platform, and to some customers who lost their life savings as a result of the collapse of the trading platform, journalist who investigated the stories and also a relative of the Gerald Cotten's wife.

Some people might find the movie boring, as it is not the regular action movie. But nevertheless it is quite entertaining; as you are drawn into a spiraling tunnel unraveling the mystery behind the trading platform: QuadrigaCX, its founder and the conspiracies theories that shrouded the incident.

An eye opener

The movie is really an eye opener and it enlightens one about the dangers of custodian wallets, and the reality that fake crypto currencies exist. Truly there are fake versions of Bitcoin, Ethereum and practically almost all crypto currencies can be faked.

It also shows the dangers in using trading platforms especially when carrying out large amount of transaction. A customer lost a year's earning amounting to $400,000 on the platform.

I think we need to be careful when carrying out transaction of huge amount via any channel, we could actually break it down in to smaller pieces (my opinion though)

The big question

The movie also begs the question about what happens to our crypto wallet when we die? We all know one of the safest way to keep crypto asset is in a non-custodian wallet or a cold wallet (a cold wallet is a hardware wallet that allows you to keep your asset offline and can only be accessed my putting in the correct passwords)

Non-custodian wallets and cold wallets are hard to bypass without access to their seed phrase or passwords. And what happens to the millions stored in it when its owner dies without leaving a trace of its password or seed phrase?

Well I have ran out of ink today, see you tomorrow..

_________

Noise cash

Don't forget to check me out on the sister micro-blogging platform noise cash. Click on the hypertext(my username in blue)👉 TomiAjax

Apologies

I am sorry, if I haven't been able to reciprocate your visits to my articles. I am really trying my best to do that. But sometimes I fall short, bear with me.

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1 year ago

Comments

I've been planning to watch the movie for sometime now. I was told it will make me tell a family member my seed phrase.

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1 year ago

You should watch it, definitely it will tempt you to drop hint or give your seed phrase to a trusted loved one

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1 year ago

I want to get more crypto in my crypto wallet. I want to go rise more than Ellan mask.

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1 year ago

Surely having a cold wallet with millions of dollars in it, you'll at least tell someone about how to access it when the worse happens.

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1 year ago

Many don't do these because it is really hard to trust people with the key to millions of dollars

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1 year ago

This is one of the reasons we have family, or friends.

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1 year ago

I watched this documentary on Netflix before. Hmm. It's truly an eye opener that custodian wallets can be snatched at you in couple of seconds. I felt so sad about those people who interviewed because their life savings was gone out of nowhere. I wonder where is his wife?

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1 year ago

ohhh, so fake cryptos indeed exist. Actually I wanted to watch that documentary. Might included that in my watch list. I'm curious about it

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1 year ago

It's really interesting. You should Leticia

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1 year ago

Ones read about a guy that died and he has about 5k$ in his crypto wallet before his departure, Omo, people go feel ah.

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1 year ago

Really sad, imagine what his loved ones could have done with such an amount.

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1 year ago

Omo, you won't blame anyone cause the young man surely didn't plan to die and people can't be fully trusted with the secret phrase to the wallet when he was alive.

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1 year ago

Tomi why??????😂 when the article started to become interesting you had to go and stop it. Why naw 😂

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1 year ago

No vex, I'll try not to next time

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1 year ago