The B.C. Securities Commission alleges a now-defunct cryptocurrency platform based in Nanaimo on Vancouver Island committed a multimillion-dollar securities fraud by diverting customer assets to online cryptocurrency gambling sites.
In a notice of hearing issued last month, the commission says David Smillie and his numbered company, which did business as ezBtc, lied to customers about its crypto asset trading platform.
Smillie and the firm allegedly told customers their digital assets were mostly held off-line in so-called"cold storage," but they never truly maintained enough to cover users' assets. "In this case, like in all of our cases, we need time to investigate, so we need to be able to gather evidence that we are satisfied," Muir said Tuesday."So, that takes time to gather. Our investigations are often time consuming and complex and this one is an example of that."
"All I can say is that the matter was investigated and there was insufficient evidence gathered by the primary investigator to pursue criminal matters, so they decided it would probably be best to go from a civil angle," O'Brien said Tuesday."That's the only information that I could provide at this point."
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