While most of us will never be in a position to lose $145 million, the lesson behind this is a cautionary tale for us all.
According to CNN.com and this article, a CEO of a cryptocurrency exchange recently passed away…and $145 million of his customers’ money may be gone with him. The issue stems from passwords needed to access money in case something happened to the CEO. He recently passed away from complications of Crohn’s Disease at only 30 years of age.
If he had an updated will, he would have been able to include any necessary information that would allow access to business funds or records and he would have been able to make sure that the appropriate people would have been handling the issues. Unfortunately, he didn’t. That means that as of right now, his customers’ sum of $145 million cannot be accessed.
It’s a cautionary tale for business owners or people who own business assets that could need to be accessed by others. Please be sure that your will is updated with all business access information and that you specifically designate the people who will take care of that information.
For the customers of the cryptocurrency, they have to rely on the knowledge that the company has filed for creditor protection. That likely means that they will recover little, if any, of the money they had held with the company.
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