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B.C. Securities Commission Concludes Hearing on $13 Million Cryptocurrency Fraud

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B.C. Securities Commission,Disciplinary Hearing,Fraud

The B.C. Securities Commission has concluded a disciplinary hearing on an alleged $13-million fraud involving a defunct Nanaimo-based cryptocurrency trading platform. The commission has accused ezBtc and its director of lying to customers and diverting funds to gambling sites.

The B.C. Securities Commission has wrapped up a disciplinary hearing into an alleged $13-million fraud perpetrated by a defunct Nanaimo-based cryptocurrency trading platform.

The securities commission has alleged ezBtc and its sole director David Smillie lied to its customers and diverted about $13 million in assets to gambling sites. While the firm claimed it stored “over 99 per cent” of their bitcoin and other assets in “cold storage” or offline, the commission alleges it didn’t retain custody of customers’ assets, and most of the holdings that were displayed didn’t exist.

 

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