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Canadian Crypto founder accused of $9.5M theft and gambling
Canadian crypto platform ezBtc’s founder David Smillie is accused of stealing around 13 million CAD ($9.5 million) from investors and using it for gambling.
The news was announced by the British Columbia Securities Commission after their investigation.
A provincial government agency that enforces BC’s Securities Acton on trading regulations, found strong indicators that Smillie used customer funds for gambling, transferring their money from the exchange to betting sites like FortuneJack and CloudBet.
The regulator commented on the investigation:
“The respondents perpetrated a fraudulent scheme relating to securities by lying to customers about a crypto asset trading platform the respondents claimed to operate and by diverting approximately $13 million in customer assets for their own purpose
There is a chance that the accounts connected to crypto funds belonged to either David Smillie himself or any of his employees.
The regulator continued:
“The majority of ezBtc’s transfers to CloudBet were to CloudBet accounts belonging to Smillie or an ezBtc insider. Over 21.3% of bitcoin transfers from ezBtc to CloudBet were made to CloudBet deposit addresses that also received bitcoin from Smillie’s accounts at Poloniex, Binance, and Kraken.”
The more Bitcoin came into Smillie’s Exchange Account from ezBtc, the more were sent to the gambling sites. This fact is also a strong indicator of potential financial theft.
David Smillie did not attend the hearings and his current location remains unknown.
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