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- BCSC finds David Smillie and ezBtc guilty of misusing $13M CAD in customer crypto assets for gambling and personal use.
- Over 2,300 Bitcoin and 600 Ether, falsely claimed to be in cold storage, were diverted by ezBtc for high-risk activities.
- While ezBtc falsely promised secure crypto storage, assets were used for online gambling.
The British Columbia Securities Commission (BCSC) today concluded that David Smillie, alongside his company, ezBtc, committed fraud, misappropriating approximately $13 million CAD ($9.5 million USD) in customer cryptocurrency assets. These assets were reportedly used for personal and gambling expenses.
How Much Was Stolen by ezBtc?
The panel findings detailed a misappropriation of over 2,300 Bitcoin and more than 600 Ether between 2016 and 2019, under the guise of security and reliable storage. These digital assets, worth millions, were diverted from their supposed secure cold storage to various online gambling platforms and personal accounts managed by Smillie.
What Did ezBtc Claim to Offer Its Customers?
During its operational years, ezBtc had assured its clients that their crypto assets were safely secured in cold storage. However, investigations revealed that these claims were false, with substantial amounts of Bitcoin and Ether being actively used for high-risk activities, including online gambling.