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The British Columbia Securities Commission (BCSC) has accused Canadian cryptocurrency platform ezBtc and its founder, David Smillie, of defrauding customers by misappropriating approximately $9.5 million USD (C$13 million) in cryptocurrency. The funds, which were intended for cold storage, were allegedly diverted for personal use and gambling. Over 935 Bitcoin (BTC) and 159 Ethereum (ETH) were reportedly funneled into Smillie's accounts and betting sites. The BCSC's findings highlight significant financial misconduct within the platform, raising concerns about the security and management of customer investments in the cryptocurrency sector.
FOLLOW-UP ARTICLE: ezBtc and founder David Smillie accused of $9.5M crypto fraud. Funds meant for “cold storage” allegedly used for gambling. Here is the full story: https://t.co/a9kPHL4MYd https://t.co/fw7fPrWXCe
Canadian Crypto Founder Scandal David Smillie, the mastermind behind a Canadian crypto project, swiped $9.5 million from investors and blew it on gambling. The BCSC revealed that he funneled 935.46 BTC and 159 ETH into his own accounts and betting sites. With ezBtc going under… https://t.co/tYltyYwu0F
CANADIAN CRYPTO FOUNDER STEALS $9.5M FOR GAMBLING David Smillie, the founder of Canadian crypto platform ezBtc, has been caught stealing about $9.5 million from investors, which he used for gambling. The British Columbia Securities Commission (BCSC) revealed that Smillie… https://t.co/rPptatRAHd