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The British Columbia Securities Commission has determined that the cryptocurrency trading platform ezBtc and its founder, David Smillie, defrauded investors of approximately $9.5 million, equivalent to 13 million Canadian dollars, in crypto assets.
Despite claims that all crypto investments were secured in cold storage, ezBtc quickly transferred the incoming assets elsewhere. The BCSC panel found that Smillie diverted nearly a third of users’ funds for gambling and personal use. The panel concluded that the “deceit” orchestrated by the founder and the company resulted in significant losses for customers, who were unable to withdraw their assets.
The panel has directed the executive director and the respondents to make submissions on sanctions. The executive director is to deliver submissions by September 3, 2024, with Smillie to respond by September 17, 2024.
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