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. The platform was dissolved in October 2022, but between 2016 and 2019 customers transferred 2,300 bitcoin and 600 ether tokens into wallets hosted by the platform. David Smillie and his numbered company, which did business as ezBtc, lied to customers about its crypto asset trading platform. The commission alleges Smillie and the company diverted about $13 million worth of bitcoin and ether to two online gambling sites without authorization from customers. The regulator says the company was dissolved in October 2022, but between 2016 and 2019 customers transferred 2,300 bitcoin and 600 ether tokens into wallets hosted by the 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

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