Tag Archives: investors

Nova Scotia Crypto-Exchange Can’t Pay Investors $250m after its CEO’s Death

Canadian firm Quadriga CX based in Nova Scotia says it will not be able to pay its customers and investors the $250m because its CEO, Gerald Cotten, died while on a trip to India.

The company says Cotten was the only one who knew the passwords and security keys to the company’s funds.

The Supreme Court of Nova Scotia on Tuesday approved protection againsts creditors for 30 days court filings revealed.

Investors and customers were furious when they found out that they were not getting paid and found the whole ordeal very suspicious as the company has $250m in their accounts.

In a note on Facebook , company and Cotton’s wife said that Cotton died while on a trip to India to open an orphanage. Cotton’s wife said that he always used secured and encrypted laptop and no matter how hard she searched she was not able to unlock it.

This is the first ever a company “loses” so much money it owns to its investors and clients due to one person losing digital keys.

Frustration Grows

Frustrated investors took to Twitter and claim that this might be the biggest scam ever when it comes to digital investments.

https://twitter.com/ProofofResearch/status/1092114818449002496
https://twitter.com/ProofofResearch/status/1092114819401039872
https://twitter.com/ProofofResearch/status/1092114820839731201

Some people twitted their frustration because they lost so much money

When company’s exchanged closed they had close to 63,000 users with over $180 million in cryptocurrency and $70 million in Canadian dollars.

One user invested as much as $70 million dollars.

Something does not add up

What’s even more interesting Cotten signed a will few months before his death designating his wife (whom he married just few months before his death) to be the executor of his real estate. He has also assigned $100,000 to make sure someone would take care of his two pet dog chihuahuas, Nitro and Gully. He had also owned an airplane and some housing in British Columbia and Nova Scotia, according to The Globe and Mail investigation.

To add to the mystery the Indian state of Rajasthan published certificate of his death but declined to provide any further comment. On the death certificate Mr Cotten’s name was misspelled as Cottan.

Some people also dispute the reason for his death – officially claimed as Crohn’s decease, inflammatory bowel disease, some say it is very rare to die from. According to doctors, patients with Crohn’s decease have 97% survival rate if they follow a proper treatment plan.

In Conclusion

Dean Skurka, VP for finance and compliance at Canadian cryptocurrency platform, bitbuy.ca, said that he thinks with cases like this “highlights the need for regulation” of crypto exchanges to make sure things like this will not happen in the future.

Innovate Calgary partners with Telus to advance tech startups

Innovate Calgary has launched TELUS Technology Accelerator (TTA), a six-month program beginning December 2016 that will showcase and grow Canadian technology startups primarily in four areas: seamless experience, data analytics, health and wellness, and “last 100 metres” technologies. This program aims to rapidly accelerate a startup’s technology, business model and investability.

Each participating startup is matched with mentors from both TELUS and Innovate Calgary. These mentors bring decades of business, technical, and entrepreneurial experience to the startups.

The conclusion of the program is an opportunity for participating startups to share the results of their work. Hosted at the TELUS building in downtown Calgary, startups are invited to demonstrate their products and accomplishments to a select group of TELUS leaders and community investors.

So far – 3 startups are participating: RallyEngine – RallyEngine is a nimble, mobile-focused content publishing platform for alerting groups, rallying teams, and informing communities., Physio4D – motion tracking system that enables clinicians to objectively assess joint mobility, MedDuck – works with its partners to improve health care outcomes through the appropriate use of nimble mobile application solutions.

 

Interested in qualifying? Make sure that you are

1. Incorporated in Canada

2. Working on your startup full-time

3. Revenue, or an identified path to revenue

4. Validated technology as determined by a customer demonstration, field trial etc.

 

Companies in any technology area that address any of the four priority areas are encouraged to apply:

Seamless Experience: Technologies that enable users to access and/or generate any content and/or information on any device, anywhere, anytime, for an integrated communications and entertainment experience.

Data Analytics: Services and applications that simplify the managing and securing of IoT devices, as well as any solutions that offer clear analysis of IoT-related data to TELUS and its customers, to enable improved and expedient business decision-making through data insights.

Health and Wellness: Initiatives that promote healthier lifestyles through technologies, such as ones based on network sensors and wearable devices that leverage network infrastructure and APIs to enable more efficient physician collaboration, or increasing patient awareness and self-monitoring as part of a holistic preventative healthcare plan.

Last 100m: Technologies that dramatically reduce the costs of building actual fiber connections to each building/home, while maintaining high levels of reliability and low operational costs in the long run even in the face of the severe northern climatic conditions.

 

Read more at www.innovatecalgary.com