{"id":954,"date":"2024-08-13T13:07:56","date_gmt":"2024-08-13T13:07:56","guid":{"rendered":"https:\/\/extraniceshirts.org\/?p=954"},"modified":"2024-08-15T15:19:54","modified_gmt":"2024-08-15T15:19:54","slug":"securities-commission-panel-finds-ezbtc-owner-committed-fraud-against-unwitting-customers","status":"publish","type":"post","link":"https:\/\/extraniceshirts.org\/index.php\/2024\/08\/13\/securities-commission-panel-finds-ezbtc-owner-committed-fraud-against-unwitting-customers\/","title":{"rendered":"Securities Commission Panel Finds ezBtc, Owner Committed Fraud Against Unwitting Customers"},"content":{"rendered":"
<\/div>\n

ezBtc promised asset security<\/h2>\n

Despite being dissolved in 2022, the crypto-trading platform ezBtc is now in the news for allegedly defrauding its customers. The British Columbia-based company is said to have siphoned away around $13m of its assets to owner David Smillie and the platform\u2019s gambling operations.<\/p>\n

\n

guaranteed to customers that their crypto assets would be safe in \u201ccold storage\u201d<\/p>\n<\/blockquote>\n

A securities commission panel found that ezBtc, incorporated by Smillie, empowered customers to buy and sell a diverse offering of crypto assets. ezBtc and Smillie guaranteed to customers that their crypto assets would be safe in \u201ccold storage,\u201d even going so far as to insist that said technology offered a more secure method of digital asset storage by keeping assets offline and protecting them from cyber threats and unauthorized access.<\/p>\n

Missing crypto investigated<\/h2>\n

An August 12 statement from the securities commission said: \u201cInstead, the BCSC panel found that approximately a third of all the crypto assets that customers deposited with ezBtc or acquired on the ezBtc platform between 2016 and 2019 were diverted to gambling sites or to Smillie\u2019s personal accounts on other crypto trading platforms.\u201d <\/p>\n

The panel added: \u201cCustomers were unable to recover all of their assets. The deceit led to actual loss.\u201d<\/p>\n

The findings stem from a forensic data analytics firm taking a contract to unearth what happened to 2,300 bitcoin and over 600 ether that were supposed to be held in cold storage by ezBtc. Instead of finding that the assets were held securely, the firm found that 935.46 bitcoin and 159 ether were \u201cquickly transferred\u201d to either Smillie\u2019s personal accounts or two gambling websites.<\/p>\n

Nothing was unintentional<\/h2>\n

The securities commission panel said: \u201cIn one instance, a customer deposited a certain amount of bitcoin on ezBtc and just 14 minutes later, ezBtc transferred that exact same amount of bitcoin to one of the gambling sites.\u201d Any chance of Smillie evading responsibility dissolved once the panel found him not only responsible for the actions of ezBtc, but that he had \u201clikely directed\u201d the transfers to himself and gambling websites.<\/p>\n

\n

diverting customer assets could result in serious financial consequences\u201d<\/p>\n<\/blockquote>\n

The panel said: \u201cNot only was Smillie aware that ezBtc did not keep custody of all of its customers\u2019 assets, but he should have been aware that diverting customer assets could result in serious financial consequences for those customers. By authorizing, permitting or acquiescing in ezBtc\u2019s misconduct, Smillie committed the same misconduct as the platform.\u201d<\/p>\n

The panel will soon determine possible sanctions, which could be as serious as financial penalties and a ban on further participation in the market.<\/p>\n

The post Securities Commission Panel Finds ezBtc, Owner Committed Fraud Against Unwitting Customers<\/a> appeared first on Vegas Slots Online News<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

ezBtc promised asset security Despite being dissolved in 2022, the crypto-trading platform ezBtc is now in the news for allegedly defrauding its customers.…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[15],"tags":[],"_links":{"self":[{"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/posts\/954"}],"collection":[{"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/comments?post=954"}],"version-history":[{"count":1,"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/posts\/954\/revisions"}],"predecessor-version":[{"id":955,"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/posts\/954\/revisions\/955"}],"wp:attachment":[{"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/media?parent=954"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/categories?post=954"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/extraniceshirts.org\/index.php\/wp-json\/wp\/v2\/tags?post=954"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}