- As per a Canadian media outlet, David Smillie and his company ezBtc defrauded investors, using their funds for personal use.
- According to the court filing, the company and its founder looted over 2,300 BTCs and over 600 ETH from the investors.
- Canada is one of the early adopters of cryptocurrencies, installing the first Bitcoin ATM in 2013.
Identifying the legitimacy of cryptocurrency-based projects is tough, and failing to opt for the trust one might make you the victim of growing loot in the crypto market. Global regulators have cracked down on several digital asset frauds, scams, and hack cases in the past few quarters.
According to the information from a Canadian media outlet, a crypto trading ecosystem, ezBtc and its creator, David Smillie, looted the investor for more than 13 million Canadian dollars.
Allegedly, ezBtc and David collectively used the amounts of investors for illicit gambling, resulting in severe losses. The investigation panel set by the British Colombia Securities Commission (BCSC) asserts that the firm leveraged users’ funds “for their own purpose.”
At the time of its operation from 2016 to 2019, ezBtc gathered over 2,300 Bitcoin and 600+ Ether from crypto investors. The panel further notes that the founder misled over half of the users’ funds for his personal luxury and gambling.
The “deceit” directed by ezBtc and its founder “led to substantial loss” as customers could not withdraw their assets from the platform, said the BCSC panel. It is crucial to note that neither David nor any other firm official was present in the hearing, although a lawyer represented the company’s founder.
Canadian Crypto Market Insights
The available information states that Canadians are one of the early adopters of cryptocurrencies; the first Bitcoin ATM was installed in Vancouver in 2013. The regulations for crypto in the region are clear and transparent, and the Canadian Securities Regulator also guides token offerings and trading platforms.
In recent years, cryptocurrency mining has surged significantly in Canada following its chill climate, low electricity cost, and favorable regulation. Some regional leading institutions already offer studies on blockchain and digital assets, training dozens of students in a year.
According to Statista, the estimated revenue in the Canadian crypto market is expected to reach US$941.6 million in 2024. By 2025, the crypto market in the region will actively reach a user base of around 13.36 million, driven by growing adoption and interest.
Crypto Market Price Alert
The broader crypto market is expected to reach $7.5 Trillion by the end of 2025, per Bernstein analysts’ claims. When writing, the market capitalization is at $2.08 Trillion with a mild bullishness of 0.85%, although the intraday trading volume grew over 20%, reaching $79.29 Billion.
Bitcoin’s trading price has tumbled over the past few days; in the past seven days, its price added 6.81%, reaching $58,975. The lowest recorded BTC price in the past 30 days is $49,121.24.
Ethereum (ETH) price has shown significant recoveries in the past 30 days, although its lowest trade at $2,122, and its highest recorded price is $3,560. As per claims, the total number of addresses on Ether blockchain surged following the approval of ETH spot ETFs.
The list of monthly gainers is led by Helium (HNT), adding 103%, t6reading at $6.52, followed by SATS (1000SATS) trading price surge of 56.21%.
