In a 2014 appearance on the True Bromance Podcast, Gerry Cotten, the late CEO of embattled Canadian cryptocurrency exchange Quadrigacx, made comments indicating that the exchange was storing customer funds using paper wallets. Cotten also compared losing the private keys for a bitcoin wallet to “burning cash.”

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Cotten Discusses Cryptocurrency Custody During 2014 Podcast

With Gerry Cotten having supposedly comprised the sole individual tasked with managing Quadrigacx’s keys, the roughly $195 million in funds owed to 115,000 of the exchange’s customers has dominated the cryptocurrency news cycle in recent weeks.

While speaking on a podcast published March 12, 2014, Cotten stated that the exchange held its customers’ funds offline using…

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Source: https://news.bitcoin.com/quadrigacx-cold-wallet-was-once-stored-in-safety-deposit-box/