A B.C. Securities Commission panel found that a Canadian crypto trading platform committed fraud by lying to its customers and diverting roughly $13 million of their assets to gambling endeavours. The company informed customers that their crypto assets were held in “cold storage.” But the panel found that one-third of crypto assets customers deposited between 2016 and 2019 were diverted to gambling sites or the founder’s personal accounts.
The BCSC hired a forensic data analytics firm to determine what happened. After investigating, the firm determined over 900 bitcoins and more than 150 ethers were transferred to personal accounts and gambling websites.
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