ezBtc and its owner are ordered to pay over $18 million for misusing customers' crypto assets.

The British Columbia Securities Commission has ordered cryptocurrency platform ezBtc and its owner, David Smillie, to pay over $18 million in sanctions for fraudulently diverting customers' assets to gambling sites and personal accounts. EzBtc misled clients by falsely claiming their digital assets were stored offline for security, but one-third of the crypto assets deposited between 2016 and 2019 were misused. Smillie faces an additional $8 million administrative penalty and is banned from British Columbia's investment market.

December 02, 2024
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