TechFlow reports that a panel from the British Columbia Securities Commission (BCSC) recently found that cryptocurrency exchange ezBtc and its founder David Smillie allegedly misappropriated approximately $9.5 million in customer funds for personal uses, including gambling.
During its operation from 2016 to 2019, ezBtc accumulated over 2,300 bitcoins and more than 600 ether.
The BCSC stated that Smillie transferred nearly one-third of user funds to personal accounts and gambling websites. ezBtc permanently ceased operations in September 2019 and was dissolved in 2022. Related sanctions will be announced before September 24 Beijing time. Despite this incident, Canada's overall cryptocurrency adoption rate remains around 3%, with most people still preferring cash and card payments.
