Crypto trader owes customers up to $13.2 million

Crypto trader owes customers up to $13.2 million

A B.C. crypto trader owes customers up to $13.2 million (US$10 million) and has less than $59,000 (US$45,000) on hand in cash and cryptocurrency, according to the British Columbia Securities Commission (BCSC).

Einstein Exchange was handed over to an interim receiver by the Supreme Court of British Columbia on November 1 after the BCSC learned that customer funds might be at risk. The receiver, Grant Thornton Ltd., has since concluded its work trying to preserve Einstein’s assets.

The receiver found that the Einstein group owes customers between $10.6-13.2 million (US$8-$10 million). It also found several claims against the group and a number of unpaid bills from suppliers.

In assets, they found $45,000 in cash and cryptocurrency, as well as office equipment, furniture, and three Bitcoin ATMs.

Grant Thornton shut down Einstein’s website, preventing customers from depositing funds or purchasing cryptocurrencies.

The BCSC said it will continue to investigate Einstein.  

Source

admin

OTTAWA'S RETIREMENT PLANNING BLOG If you have questions about retirement or financial planning then take a look here. Tons of articles & information on Canadian financial planning topics such as life insurance, investing and more.There are still a lot of misconceptions about money & retirement planning. I just want to help you retire when you want and how you want. As a Registered Retirement Consultant-RRC® and independent adviser, I share my unbiased knowledge to help you have a better understanding of investing, insurance and financial planning.Getting on track for retirement doesn't have to be confusing or complicated. Get the information you need to avoid mistakes and be Ready For Retirement!