July 22, 2024

Canadian cryptocurrency exchange closes, taking with it $ 12 million from user accounts

Canadian cryptocurrency exchange closes, taking with it $ 12 million from user accounts

Canadian cryptocurrency exchange Einstein closes with over C$16 million in debtdollars (~ $12.4 million) to its clients. The Einstein website is currently unavailable.

Allegedly, on October 31, the lawyerrepresenting Einstein's interests, reported to the British Columbia Securities Commission (BCSC) about the platform's plans to cease operations within 30-60 days. He cited the unprofitable activities of the cryptocurrency exchange as the reason for this step.

The BCSC took control of the matter. The agency also warned Canadians to exercise caution when buying or selling any cryptocurrency due to the risks involved.

BCSC chief investigator Sammy Wu said "Einstein improperly used its clients' assets" and exchange management owed clients millions in cash and cryptocurrency.

Wu also said that on November 1, he went to the Einstein exchange office, but it was already closed.

I called the founder of the Einstein exchange, Michael Ongun Gokturk, but he was out of reach. Then I sent a text message to the voicemail, Wu added.

The Supreme Court of British Columbia has appointed Grant Thornton as interim administrator of the exchange.