Bitcoin is trading around levels not seen in more than two years after a U.S. regulator approved 11 ETFs linked to the cryptocurrency, drawing both calls that it's a new era for digital money and for caution among investors. An advertisement for Bitcoin is displayed on a building in Hong Kong, on Nov. 18, 2021.
The elusive owner of defunct B.C. cryptocurrency exchange has been fined $18.4 million for defrauding customers by spending their supposedly secure bitcoin on gambling websites.The elusive owner of defunct B.C. cryptocurrency exchange has been fined $18.4 million for defrauding customers by spending their supposedly secure bitcoin on gambling websites. It came as a surprise to Shawn Murfitt to learn B.C.'s securities regulator has fined David Smillie a whopping $18.
Investors with David Smillie's ezBtc exchange believed their cryptocurrency and cash was safe in 'cold storage.' But regulators claimed much of it was being diverted to gambling websites. The customers who spoke with the BCSC claimed they "had varying degrees of success in withdrawing crypto assets or cash purportedly held in their accounts."
Smillie didn't attend the BCSC hearings himself, but was represented by a lawyer, who applied unsuccessfully to postpone the proceedings for three months at one point because his client was allegedly ill and penniless and needed time to raise money for his defence. The astronomical rise in the value of bitcoin has only served to fuel the anger of investors who lost money to David Smillie and ezBtc. The regulator said the missing cryptocurrency was worth $13 million in July 2019 and $94 million last April.
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