B.C. Securities Commission says crypto trader leaves millions owing

VANCOUVER – A receiver appointed to save the assets of the crypto trading platform Einstein Exchange has completed its work and asked to be released by a B.C. Supreme Court judge.

The B.C. Securities Commission says in a news release that it applied for the appointment of an interim receiver after learning that customers funds might be at risk.

It says the receiver’s report to the court found that the Einstein Group has less than $45,000 in cash and cryptocurrency.

Yet, the commission says the receiver reported the group owes its customers between US$8 and US$10 million and there are outstanding claims from several unpaid suppliers.

The receiver also shut down the trading platform’s website and the commission says that resulted in customers no longer being able to deposit funds or purchase cryptocurrency.

The securities commission says it will continue its investigation and it, along with other Canadian securities regulators, urges Canadians to exercise caution when buying or selling any crypto-asssets because of the risks involved.

This report by The Canadian Press was first published Nov. 21, 2019.