This actually reminds of QuadrigaCX, where the CEO died (or so they claim).
Same here but honestly I don't buy the story in OP, I don't believe the CEO is suddenly gone. In a company, where you manage client funds on top of that, it makes so much sense to give funds' access to more than one person. No idea how a CEO can forget that point.
if you give a 10-year-old child two keys to a house, he'll be smart enough to give one to someone just in case
Also, there is something about the cold wallet. They didn't use S (cold wallet). I don't think it's something popular for an exchange to have only 1 cold wallet.