Bitcoin

<ul><li>BCSC finds David Smillie and ezBtc guilty of misusing $13M CAD in customer crypto assets for gambling and personal use.</li><li>Over 2,300 Bitcoin and 600 Ether, falsely claimed to be in cold storage, were diverted by ezBtc for high-risk activities.</li><li>While ezBtc falsely promised secure crypto storage, assets were used for online gambling.</li></ul>The British Columbia Securities Commission (BCSC) today <a href="https://www.bcsc.bc.ca/-/media/PWS/New-Resources/Decision-and-Orders/Decisions/2024/2024-BCSECCOM-348.pdf" rel="noopener noreferrer nofollow">concluded</a> 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.<a href="https://cryptotale.org/ezbtcs-smillie-found-guilty-of-9-5m-in-customer-fund-fraud/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

ezBtc’s Smillie Found Guilty of $9.5M in Customer Fund Fraud

CryptoTale

Other articles published on Aug 14, 2024

New GSMA report highlights Nigeria’s potential to lead in AI-driven development across Africa

Earn Yield with USDe on Solana via Drift and Ethena Labs Partnership

Bitcoin Miners Face Challenges as Costs Rise to $57,000

Iran offers $20 to report on shady crypto miners amid ongoing power crisis

Consensys Appoints Former Disney Exec Dan Odell as CFO

Venezuela Blocks Access to Binance and Social Media Platform X Amid Political Tensions

Join our free newsletter for daily crypto updates!