Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
In a care[...]
Crypto CEO Dies Holding Only Passwords That Can Unlock Millions in Customer Coins
Bloomberg | Doug Alexander | Feb 4, 2019
Without digital keys, clients lose access to coins, funds
Board said last week that it was seeking creditor protection
Digital-asset exchange Quadriga CX has a $200 million problem with no obvious solution -- just the latest cautionary tale in the unregulated world of cryptocurrencies.
The online startup can’t retrieve about C$190 million ($145 million) in Bitcoin, Litecoin, Ether and other digital tokens held for its customers, according to court documents filed Jan. 31 in Halifax, Nova Scotia. Nor can Vancouver-based Quadriga CX pay the C$70 million in cash they’re owed.
Access to Quadriga CX’s digital “wallets” -- an application that stores the keys to send and receive cryptocurrencies -- appears to have been lost with the passing of Quadriga CX Chief Executive Officer Gerald Cotten, who died Dec. 9 in India from complications of Crohn’s disease. He was 30.
Cotten was always conscious about security -- the laptop, email addresses and messaging system he used to run the 5-year-old business were encrypted, according to an affidavit from his widow, Jennifer Robertson. He took sole responsibility for the handling of funds and coins and the banking and accounting side of the business and, to avoid being hacked, moved the "majority" of digital coins into cold storage.
See: CIBC Has Frozen $28 Million of Vancouver Crypto Exchange’s Funds Since January
His security measures are understandable. Virtual currency exchanges suffered at least five major attacks last year. Japan, home to some of the world’s most active digital-asset exchanges, has also hosted two of the biggest known crypto hacks: the Mt. Gox debacle of 2014 and the theft of nearly $500 million in digital tokens from Coincheck Inc. last January.
The problem is, Robertson said she can’t find his passwords or any business records for the company. Experts brought in to try to hack into Cotten’s other computers and mobile phone met with only "limited success" and attempts to circumvent an encrypted USB key have been foiled, his widow, who lives in a suburb of Halifax, said in the court filing.
"After Gerry’s death, Quadriga’s inventory of cryptocurrency has become unavailable and some of it may be lost," Robertson said, adding that the company’s access to currency has been "severely compromised" and the firm has been unable to negotiate bank drafts provided by different payment processors.
Quadriga CX’s directors posted a notice on the firm’s website on Jan. 31 that it was asking the Nova Scotia court for creditor protection while they address “significant financial issues" affecting their ability to serve customers. A hearing is scheduled for Tuesday, and Ernst & Young has been chosen as a proposed monitor.
See: Crypto Bear Market Gives UK Regulators Breathing Space to Finalize Crypto Regulation
“For the past weeks, we have worked extensively to address our liquidity issues, which include attempting to locate and secure our very significant cryptocurrency reserves held in cold wallets, and that are required to satisfy customer cryptocurrency balances on deposit, as well as sourcing a financial institution to accept the bank drafts that are to be transferred to us," the firm said. “Unfortunately, these efforts have not been successful."
Continue to the full article --> here
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Crypto Regulation | April 15, 2025 Trump Repeals IRS Crypto Reporting Rule. Here's Why Fintechs in Canada Should Pay Attention On April 10, 2025, U.S. President Trump signed a bill cancelling a key IRS crypto reporting rule that would have required decentralized finance (DeFi) platforms to report customer transactions to the tax agency. See: UK FCA Plans Full Crypto Licensing Regime by 2026 The IRS' rule was called "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales", which expanded the scope of traditional broker definitions to include DeFi apps like Uniswap and Metamask, and had an effective date of February 28, 2025. However, the IRS provided a transition period given the reporting complexities involved, so the rule was set to apply to digital asset sales occurring after January 1, 2027. But with Trump's bill nullifying the IRS rule, the implementation is now cancelled and the rule is officially gone. What does this mean for fintechs, crypto startups, and regulators in Canada? What Changed? The IRS crypto reporting rule was part of a broader push to increase tax compliance among crypto users but industry argued that it wasn't manageable because DeFi platforms don't control their user's data. ...
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Crypto Regulation | April 15, 2025 Trump Repeals IRS Crypto Reporting Rule. Here's Why Fintechs in Canada Should Pay Attention On April 10, 2025, U.S. President Trump signed a bill cancelling a key IRS crypto reporting rule that would have required decentralized finance (DeFi) platforms to report customer transactions to the tax agency. See: UK FCA Plans Full Crypto Licensing Regime by 2026 The IRS' rule was called "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales", which expanded the scope of traditional broker definitions to include DeFi apps like Uniswap and Metamask, and had an effective date of February 28, 2025. However, the IRS provided a transition period given the reporting complexities involved, so the rule was set to apply to digital asset sales occurring after January 1, 2027. But with Trump's bill nullifying the IRS rule, the implementation is now cancelled and the rule is officially gone. What does this mean for fintechs, crypto startups, and regulators in Canada? What Changed? The IRS crypto reporting rule was part of a broader push to increase tax compliance among crypto users but industry argued that it wasn't manageable because DeFi platforms don't control their user's data. ...
Markets and Economy | April 15, 2025 Jamie Dimon’s 2024 Letter Outlines Global Risks and Advice for Leaders On April 7 2025, CEO Jamie Dimon of JPMorgan Chase published his annual 2024 letter to shareholders (58 page PDF), which is widely read by business and policy leaders around the globe. This year's edition, his messages are especially urgent. He describes a world of rising risks, and big decisions ahead with profound implications that stretch beyond simply Wall Street. Below are 5 insights that fintech founders, investors and Canadian decision makers need to know: 1. The U.S. Dollar’s Strength is At Risk “History has shown that as countries become weaker, their currency loses reserve currency status.” Dimon issued a clear warning that's rarely said out loud by execs of America’s biggest banks. That is the U.S. dollar’s global dominance is fading because it's strength relies on TRUST in U.S. institutions, alliances, and policy, BUT that trust is now eroding. Last week, the U.S. dollar dropped significantly reaching a 3 year low against major global currencies. The decline is largely due to the Trump administration's escalating tariffs and trade tensions on imports from several countries, such as China, Canada and European nations. ...
Financing | April 14, 2025 Plaid’s $575 Million Series D Signals a Deeper Strategy in Fintech Data and Embedded AI Financial infrastructure provider, Plaid, announced on April 3 2025, that they raised $575 million Series D at a valuation of $6.1 billion valuation led by Frank Templeton, BlackRock, Fidelity, and others including existing investors such as NEA and Ribbit Capital. While the valuation is significantly lower than it's 2021 peak of $13.4 billion, Plaid's latest round is a story of consolidation of it's role at the heart of embedded finance, and not of decline. Plaid is a backbone of embedded finance with a footprint that spans more than 8,000 apps, including many widely used fintech tools and providers in Canada and the U.S. For Canadian fintech companies, this raise hints at where industry is heading and who will control its most critical pipes. A Profitable Platform in a Tough Market Unlike most fintech firms still chasing break-even, Plaid finished off 2024 with positive operating margins, strong ash flows and a 25% yoy revenue increase. In Plaid's letter to shareholders, 2025, CEO and Cofounder Zach Perret explained that it has a usage based billing model where Plaid earns revenue when an ...
Leadership | April 14, 2025 Why Embracing Uncertainty Can Help Founders Gain Insight (During Chaos) In an economic climate where geopolitical tensions are high and markets volatile with inflation spikes and policy u-turns, founders and innovators that embrace uncertainty can gain an edge. Uncertainty isn't a side effect of innovation, it's the starting line. Inspired from Deepak Chopra's recent article on the power of uncertainty, this article looks at the impact of embracing the unknown and how it can sharpen decision-making, unlock creativity, and help build resilience during times of rapid change and uncertainty. Key Actionable Insights 1. Uncertainty Isn't the Enemy...It's the Edge Chopra argues that trying to eliminate uncertainty kills creativity. When everything is 'the exact same', it breeds complacency. We've all experienced this. During some routine periods, a founder may feel that time is passing by very quickly. Yet during times of great change, novelty, innovation, a founder may feel that time is going by slowly. Fintech leaders who stay agile during times of ambiguity can separate themselves from those who stall in the face of uncertainty. Put differently, successful founders don't just survive during chaos, they scan for signals of change/chaos that others can miss, often ...
April 14, 2025 If you’re running a crowdfunding campaign, visibility is key. Without the right SEO strategy, potential backers may never find your project. Below is a practical, research-backed guide to improving your campaign’s visibility through SEO. 1. Understand Your Audience First Start by knowing who you’re targeting. This helps shape your keywords, content, and messaging. Build a profile of your ideal backer Use keyword research tools like Google Trends or Ahrefs Read forum discussions and questions from your audience The more specific your understanding, the more relevant your content becomes. 2. Focus on Search Intent, Not Just Keywords Group your keywords based on what users are looking to do: Informational: “how to launch a crowdfunding campaign” Transactional: “support [campaign name]” Navigational: “[brand name] Kickstarter page” Use these keywords naturally in: Headings and subheadings Meta descriptions Blog updates and campaign FAQs Image alt text Write for people first, then optimise for search engines. For more insight into how keyword strategy aligns with intent and structure, consider following this website, which outlines foundational SEO practices that support long-term visibility. 3. Build a High-Converting, SEO-Friendly Landing Page Don’t treat your landing page as just a pitch. Make it SEO-ready: Clear, keyword-rich headline ...
Financing | April 11, 2025 OneVest Secures $20M in Series B to Build the Future of WealthTech in North America On January 29, 2025, Calgary and Toronto-based fintech firm OneVest announced the close of a $20 million Series B round, led by Salesforce Ventures and joined by Allianz Life Ventures, TIAA Ventures, and returning backers like OMERS Ventures, Deloitte Ventures, Fin Capital, Luge Capital, and Pivot Investment Partners. See: OneVest’s Rapid Expansion Powered by a $17M Funding Round led by OMERS Ventures OneVest estimates that $84 trillion of wealth will be passed down from Baby Boomers to Gen X and Millennials over the coming decades, creating a massive opportunity and challenge for financial institutions. OneVest's platform is positioned to offer financial institutions, such as banks, insurers, asset managers and RIAs, a module tech platform to build or upgrade their wealth management services. Companies ca upgrade outdated infrastructure by plugging in only the components they need, reducing time and cost to market. Amar Ahluwalia, CEO of OneVest: “We are tackling massive challenges in an industry that’s been traditionally slow to adopt new technologies. Having such esteemed investors solidifies our position to reimagine wealth management technology for enterprises across the U.S. and ...
Regulation | April 10, 2025 SEC Says Some Fully Backed, Payment-Only 'Covered Stablecoins' Aren’t Securities On April 4, 2025, the U.S. Securities and Exchange Commission (SEC) issued a statement that clarified some U.S. dollar-backed stablecoins may not be considered securities. While the statement was welcomed and creates some breathing room for crypto and fintech projects, the announcement ignited an internal debate at the SEC and many are wondering what's next. Covered Stablecoins The SEC said certain U.S. dollar-backed stablecoins (referred to as 'Covered Stablecoins') are not considered securities if they have all of the following characteristics: Stablecoin must maintain a 1:1 fixed value equal to the U.S. dollar, without fluctuations Each stablecoin must be fully backed by an equivalent amount of high quality assets such as U.S. Treasury bills, cash, or cash equivalents that can be redeemed on demand. These assets must be held in custody and verified regularly No expectation of profit - cannot be promoted as an investment or marketed in a way that leads buyers to expect profit from simply holding the token See: U.S. Senate Moves to Regulate Stablecoins No voting rights, control over the issuer, or shares in any profit or management decisions (no governance) ...
Funding | April 10, 2025 Regulation Crowdfunding Markets Show Tariffs Straining Innovation Economy Regulation Crowdfunding (RegCF) has proven to be a resilient market for early stage entrepreneurs and investors alike. When uncertainty strikes, it's often traditional venture capital that pulls back, while the community-driven model continues to offer early stage start-ups access to capital allowing them to innovate. However, just in from Sherwood (Woodie) Neiss, NCFA Advisor and Principal at Crowdfund Capital Advisors, data shows that tariffs are starting to strain RegCF markets - from March 10 to April 9, 2025: RegCF investment volumes declined by 24% (yoy) to just $57.48 million New campaign launches dropped over 40% Number of investor checks also declined by 15% Average capital raise size dropped to $720,000 (from $1.2 million) Sherwood Neiss, Principal at Crowdfund Capital Advisors: “We’re seeing the first real signs of pullback in what has otherwise been a resilient funding ecosystem. The numbers tell a story not of panic, but of pause. Investors and issuers alike are waiting for clarity—on costs, on policy, and on risk.” Tariffs Introduce New Risks for Early-Stage Companies In a volatile environment where U.S. tariffs are levied one day, and then paused the next, founders must now face ...
Economy | April 10, 2025 Trump Temporarily Halts Tariffs for Most Countries But Keeps Pressure on Canada, Mexico, and China On April 10, 2025, President Trump announced a 90-day pause on most of the newly implemented global trade tariffs after market backlash and political pressure. The break was extended to countries in Europe, Asia, and parts of South America, but Canada, Mexico, and China are still under tariff pressure. Strategic Pause, Not for Everyone While Trump paused the most recent tariffs for over 75 countries, U.S. tariffs still apply to Canada and Mexico primarily on cars and auto parts (25%), steel (25%), aluminum (10%), and some agricultural products like dairy, grains, and processed foods, and continue to affect cross border trade in manufacturing and farming sectors. Trump's pause also didn't apply to China In fact, Tariffs on Chinese good were raised to 125%, as China hit back with an 84% tariff on U.S. goods and filed new complaints with the World Trade Organization. See: Klarna Delays IPO As Markets React to Trump’s Tariffs After the tariff pause was announced, markets surged with the S&P 500 exploding 9.5%, the largest one day gain since World War II, according to Business Insider ...
Funding | April 9, 2025 Toronto’s Tailscale Secures $230M and $2B Valuation for Identity-First Networking On April 8 2025, Toronto-based Tailscale announced that they raised $230 million CAD Series C (about $160 million USD), valuing the company at approx $2 billion CAD. The round was made up of U.S. investors, led by Accel, CRV, Insight Partners, Heavybit, and Uncork Capital, along with some prominent individual investors notably George Kurtz CEO of CrowdStrike (returning investor) and Anthony Casalena CEO of Squarespace. New funds will be used to grow product and engineering teams, expand globally, and improved support for fast scaling customers. Tailscale - A Shift from IP Addresses to Identity Tailscale was founded in 2019 by former Google engineers Avery Pennarun, David Crawshaw, David Carney, and Brad Fitzpatrick, and officially launched in April 2020 to help users connect devices and apps securely without relying on traditional VPNs, IP rules, or firewalls. Tailscale uses a technology called WireGuard which is easy to setup and lets devices connect directly to each other, safely and privately. What's unique about Tailscale is its approach to solving networking challenges. Instead of relying on where a device is located (IP address), it focuses on who or what is connecting. This ...
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