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Crypto Exchange Founder Gambled with $9.5M of User Funds

by SB Crypto Guru News
August 14, 2024
in Crypto Updates
Reading Time: 2 mins read
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David Smillie, the founder of Canadian crypto exchange ezBtc, has been accused of misappropriating around 13 million Canadian dollars ($9.5 million) of user investments for gambling.

This accusation derives from an investigation conducted by the British Columbia Securities Commission (BCSC), a regulator in the Canadian province of British Columbia.

EzBtc had assured users that their crypto investments were securely stored in cold storage. However, the reality was different. The platform, operational from 2016 to 2019, collected over 2,300 Bitcoin and more than 600 Ether from its investors.

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The BCSC found that nearly one-third of these funds were redirected by Smillie for gambling and personal use. The court filing states:

We find that in aggregate, 935.46 Bitcoin and 159 Ether were transferred by ezBtc to Smillie’s Exchange Accounts, and/or to CloudBet and FortuneJack. The transfers to the two gambling websites were sometimes direct from ezBtc, and sometimes indirect from ezBtc to Smillie’s Exchange Accounts and then to the gambling websites.

As a result, customers were unable to access or withdraw their funds, leading to significant financial losses.

Legal actions and potential sanctions against Smillie and ezBtc are expected to be finalized by September 24, possibly including financial penalties and market participation bans.

This case highlights the risks involved in crypto investments and the importance of regulatory oversight to protect investors from fraud.

In other news, in May, Cypher’s developer publicly admitted to gambling away over $300,000 from the protocol’s redemption contract.

Gode is a Web3 Market Analyst who researches the most important industry events and interprets how they affect the wider Web3 space. Her formal education in media culture & digital rhetoric allows her to employ a methodical approach to evaluating critical Web3 news data, including large-scale events and the wider social sentiment within the ecosystem.
Gode is a mutilingual professional, having studied in multiple universities all across Europe. This allows her to have a one-of-a-kind opportunity to analyze Web3 social sentiments spanning different cultures and languages and, in turn, develop a much deeper understanding of how the Web3 space is growing within different communities. With the rest of her team, Gode works to identify crucial crypto news patterns and provide unbiased and data-driven information.
Gode’s passions include working and communicating with people, and when she’s not researching Web3 news, she spends her time traveling and watching true crime documentaries.




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Tags: 9.5MBitcoin NewsCryptoCrypto NewsCrypto UpdatesexchangeFounderFundsGambledLatest News on CryptoSB Crypto Guru NewsUser
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