NPR reported yesterday that Canadian cryptocurrency exchange QuadrigaCX founder and CEO Gerald Cotton has passed due to complications from Crohns Disease while traveling in India this past December.
While his family and friends mourn his passing, over 100,000 of QuadrigaCX’s customers have been locked out of their accounts with no access to $190 million because the founder was the only one with the password to his laptop that holds the keys to unlock the customers’ crypto wallets. Security experts have not been able to breach the laptop’s encryption, according to CBC.
QuadrigaCX’ customers fear they will never see thousands of dollars in investments again, posting their concerns to social media and Reddit.
If Gerald Cotton had used Doculife to create a Succession Plan Scenario and named his wife as the recipient, this situation would have been completely avoided. Here’s how.
Create a Succession Plan Scenario
With Doculife, users have the ability to upload any files they wish, or even create an encrypted document that contains passwords to accounts, in the event of death or disaster.
The user then completes a straightforward ‘if this then that’ statement like “If I die, release these documents to this recipient,” detailing the specific documents and recipient information.
Doculife would first verify the recipient’s identity via 100 points of ID – or even more stringent requirements – and also ask to see and verify the death certificate. The documents would then be released to the recipient. It’s that easy and takes minutes to set up.
Security, Privacy and Empathy
The Doculife platform was built with security, privacy and empathy as its core mission. Any documents or files its users upload or create are encrypted three times and are never seen by Doculife.
The key takeaway here is that we never know what life will throw at us. Tomorrow is guaranteed to no one. Prepare for life’s what-ifs. Get started with Doculife and create a Succession Plan today, not tomorrow.