CEO Amber group, Tiantian Kullander dead While Sleep

[Not your key not your BTC]

What happen when he kept the private key and no body know where he save it?
how can costumer bring back their crypto when can’t access the cold storage?

[1714967667]

1714967667

[BitcoinPanther]

I am sure as a company, the CEO of amber and his co-founders had devised a plan whenever one of them is incapacitated and unable to convey any message.  It is possible that the private key of the cold storage is lock in a safe (probably bank) where in case of emergency can be accessed by the authorized personnel .  This is common practice in a corporate company so I think customers has nothing to worry unless the people behind the company gone rouge and use the death of their CEO to rob the company of its customers fund.  

[CryptSafe]

What happen when he kept the private key and no body know where he save it?
how can costumer bring back their crypto when can’t access the cold storage?

It's so sad he passed on and may his soul rest in peace. I believe as the CEO there are lots of information he is privy of so therefore, as a cooperate organization he can not be the only one who has access to such details. Maybe he co-executive would definitely be aware of the safe where those details are kept so they could have access to them. In a situation where the chief executive officer is not available or in the case of death, the next inline of hierarchy should be able to know where valuable information as regards the organization are stored for safe keeping. It is a coperate body so his demise should not affect the running of the organization.
What I will just say is that there is no way he could have stored information belonging to the organization without any body having being authorised to get the details or access it upon any occurrence of death or otherwise. Investors and traders should not be worried till there's an official statement from the organization. The statement would determine the next line of action.

[Antonas1]

What happen when he kept the private key and no body know where he save it?

Do you mean company's private key? It's impossible, if he's hiding some, I bet there have been news (incidents) that continued as soon as his death was spreading.
But if you mean his private key, don't bother with that.

how can costumer bring back their crypto when can’t access the cold storage?

Amber Group is a large company and has many employees, which means there is a structure there. There are CEOs, COOs, Financial managers, and more. So this is not a one-man show; don't worry, their clients will stay safe.

[joeperry]

Amber Group is a large company and has many employees, which means there is a structure there. There are CEOs, COOs, Financial managers, and more. So this is not a one-man show; don't worry, their clients will stay safe.

That is right. No one in a organisation should try or must keep an information to oneself, especially if such data is crucial to the whole company and to its customers. Given this case, the death of the CEO of Amber group would not really cause inaccessibility of storage or halt operations since there are members of the company that are very much equipped and reliable to keep things continue flowing.

[Not your key not your BTC]

Do you mean company's private key? It's impossible, if he's hiding some, I bet there have been news (incidents) that continued as soon as his death was spreading.

maybe possible if he saved crypto from the investor because Amber group is one investor SBF, that maybe affected.

[hd49728]

What happen when he kept the private key and no body know where he save it?

He should have a treasury wallet to store the capital for their customers.

Years ago, a CEO of one exchange suddenly passed away and it made a lot of noise about risk of centralized control of all capital of one company. After that, we see more changes from single-sign wallet to multi-sign wallet. With multi-sign wallets, there is less risk that capital will be compromised if one signer lost access to his wallet. There is less risk to completely lose access to capital because if there are enough co-signers, they will be able to sign transactions and move capital.

Of course it again reminds us that "Not your keys, not your coins"

[Darker45]

I don't think the structure of the company is such that the private keys of their funds in cold storage is solely under the control of their CEO. The company probably has a multisig wallet for their funds. It's basic safety and security protocol for those who are holding big amounts on behalf of a company.

Anyway, this wouldn't have bothered us if we kept funds under self-custody. This is a problem which could very well be avoided. But since we have the penchant to have what is supposed to be a solution to third parties kept by third parties, we're now wondering about the certainty of our money because somebody else died while asleep.

[boyptc]

What happen when he kept the private key and no body know where he save it?

Gone forever.

how can costumer bring back their crypto when can’t access the cold storage?

No way.

But if they're a company, for sure there's always the back up and most likely it's a multi-sig. The CEO and his other company executives have talked the importance of having a back up and how they shall keep the private keys stored in a safe vault.

This makes me remember the quadrigacx's ceo presumed death.

[Antonas1]

-snip-

That is right. No one in a organisation should try or must keep an information to oneself, especially if such data is crucial to the whole company and to its customers. -snip-

Yeah, because if one of them tries to hide something important (especially something related to money), then it can make the company collapse, either directly or indirectly. And I'm sure no one of them (founder/leader) want that happen.

Do you mean company's private key? It's impossible, if he's hiding some, I bet there have been news (incidents) that continued as soon as his death was spreading.

maybe possible if he saved crypto from the investor because Amber group is one investor SBF, that maybe affected.

I'm a bit confused by your word, but I try to catch it.
Amber Group doesn't have a special collaboration with FTX, but Amber Group received an injection from one of FTX's investors, namely Temasek.

For more on Temasek and FTX issues, you can read this: Temasek writes off US$275 million stake in FTX as Singapore’s state investor cops fallout from crypto exchange’s blowout

Meanwhile, Amber Group has issued a statement that FTX will not threaten their company.

In a statement on November 9, the company said: 'While we have significantly reduced our exposure [to FTX] over the course of the week, we still have withdrawals that have yet to be processed.
'However with strict exposure limits on individual trading venues, this represents <10% of our total trading capital. It does not pose a threat to our business operations or liquidity.'

^{Source: dailymail.co.uk}

So did Kullander need to do that?

[Husires]

What happen when he kept the private key and no body know where he save it?
how can costumer bring back their crypto when can’t access the cold storage?

If this happens, you can safely say that it is an exit scam.

As an ordinary user, you have many options if you are afraid of death and that your family members will not be able to access these currencies:

• You can divide your cold storage, you keep several copies, you divide it among trusted people. try: https://en.bitcoin.it/wiki/Shamir_Secret_Sharing
• You create a multi-signature wallet. https://en.bitcoin.it/wiki/Multi-signature
• You can use bio-metrics where you can close a transaction and it can only be broadcast after your heartbeat stops.

[stompix]

What happen when he kept the private key and no body know where he save it?

Did he? There is no indicator that he did so, this is just speculation!

how can costumer bring back their crypto when can’t access the cold storage?

No way in that case, if a stranger could access an address without the key then the whole notion of being your own bank will be useless.

I am sure as a company, the CEO of amber and his co-founders had devised a plan whenever one of them is incapacitated and unable to convey any message. 
This is common practice in a corporate company~

Cough, Quadriga, cough...

I don't think the structure of the company is such that the private keys of their funds in cold storage is solely under the control of their CEO. The company probably has a multisig wallet for their funds. It's basic safety and security protocol for those who are holding big amounts on behalf of a company.

It might be but recent events have shown us that almost all of those investment, financial advice, and so on crypto companies have literally zero funds in their won custody and all their clients funds are stuck either with big exchanges or other crypto lenders of CeFi platforms, as history has shown us.
And from their main page:

Do more with your portfolio
Built with features including daily interest payout, clients can easily trade in over 100 assets at competitive prices. Clients also enjoy collateral flexibility, allowing margin trading strategies with custom loan tenors.

Where have I seen this before?
At this point, I really don't get why some still choose to risk 1005 of their coins for some 3-5% returns in a year with companies that have no physical presence in their country, that have no real assets, no insurance, just a 100sqm office which tomorrow is on the renting market and everyone and everything is gone.

https://www.businesstimes.com.sg/startups-tech/startups/crypto-trading-firm-amber-seeks-us100m-fresh-funding-flat-valuation

Digital asset trading platform Amber Group is in the process of raising a little over US$100 million in fresh funding at a US$3 billion valuation, according to a person familiar with the matter. The Singapore-based startup had the same valuation in its most recent US$200 million fundraise in February, which included Temasek Holdings and Tiger Global Management as investors. The new raise is being completed in multiple parts, with around half of the US$100 million already secured, according to the person. The company plans to have either one or two more additional closings by the end of this year or in early 2023.Like other crypto and tech companies, Amber Group has conducted major layoffs. The company cut as much as 10 per cent of its staff, Bloomberg News reported in September. During last year's crypto bull run, the company grew rapidly to around 900 employees, from a team of 200 to 300.

3 billion company, cutting jobs, seeking 100 million in funds, and not managing to get more than half, what could possible go wrong?

[dezoel]

This is not a financial trouble, this is a tragedy that someone died so young, it's a shame whenever there is an unlived life ending so soon, but it has nothing to do with business.

First of all, when you run such a huge company, you end up putting all the things into multiple hands in case anything happens, easiest to handle would be get 5 people together and make it only possible if at least 3 of them opens the wallet, and this would be the case here as well. You imagine CZ holds ALL coins of binance? Of course not. Just like how all other business are run, this is the same, you continue when one passes away, and that's a sad thing, and may take a while to recover, but will continue, or at least should.