Canadian Crypto Exchange ezBtc Embezzled $9.5 Million in BTC, ETH
CryptoNewsTerminal Staff13 Aug, 2024
Canadian Crypto Exchange ezBtc Embezzled $9.5 Million in BTC, ETH
Canadian Crypto Exchange ezBtc Embezzled $9.5 Million in BTC, ETH Canadian crypto exchange ezBtc and its founder, David Smillie, have been accused of embezzling $9.5 million in customer funds. The British Columbia Securities Commission (BCSC) revealed that "from 2016 to 2019, ezBtc misappropriated over 2,300 BTC and 600 ETH belonging to clients." Of this amount, 935.46 BTC and 159 ETH were used for personal purposes, including gambling. The BCSC expects to seek sanctions against ezBtc when the matter returns to court on Sept. 24. This case highlights the importance of choosing a reputable and regulated crypto exchange. When choosing an exchange, it is important to consider factors such as security, fees, and customer support.
