Canadian Crypto Exchange Fraudulent
Bitcoin Miners See Lowest Daily Revenue Of The Year, Base Surpasses Arbitrum In Transactions As Top Ether L2
A defunct Canadian crypto exchange (op. 2016-2019) called ezBtc and its founder David Smillie have been found guilty of misappropriating $9.5 million of customer funds, effectively having gambled that away.
A B.C Securities Commission panel ruled that around a third of customer-deposited assets were diverted either to gambling sites or the founder's personal accounts.
ezBtc transferred 935.56 BTC and 159 ETH to these entities, and its customers were lied to about their assets being in cold storage.
The commission's panel stated that funds could not be recovered by customers and that this has led to actual loss.
The sanctions (fines or bans from market) are yet to be decided, though the case isn't being treated as criminal.
A 2023 survey shows that a third of Canadian crypto owners have fallen victim to scams.
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