Everyone is cautioned against writing down passwords but in this instance, following that advice has proved to be problematic. The owner of Canada’s cryptocurrency exchange died unexpectedly – and with the password located only in his head. As a result, nearly $190 million is inaccessible to customers.
Quadrigacx founder Gerald Cotton took advanced security measures and protected the currency on encrypted computers with precautions against hacking. So far, they are working – much to the dismay of experts trying to reach the funds.
The dilemma highlights the problem of only one person knowing anything. While it is wise to have safeguards and layers of security, there should also be a backup plan should someone suddenly become incapacitated. I doubt that only one person knows the combination to the safe that holds the secret formula for Coca-Cola or just one guard that can access Fort Knox.
Safe means secured, but not just in one person’s brain. Make sure your secrets are safe with at least one other someone.