What happened
Three now-dissolved companies ran a crypto trading platform promoted as a safe way to buy, sell and store crypto. They moved customer deposits into their own bank accounts and to wallets on third-party platforms, and used deposits to fund operations and pay other customers’ withdrawals.
On the BCSC’s application, the BC Supreme Court appointed an interim receiver in November 2019; the companies were dissolved in 2020 with no assets.
In a 2026 settlement with the BCSC, the sole director admitted responsibility for the companies’ fraud, agreed to pay $1 million and accepted permanent market bans. The settlement states he did not misappropriate funds or benefit from the misconduct.
Scale, from official records
- Less than $45,000 in cash and crypto against customer liabilities of more than US$18 million (Interim receiver, as reported in the BCSC settlement release, 2026)
The Canadian angle
A Vancouver crypto trading platform. The BC Securities Commission brought the case and treated the customer agreements as securities (futures contracts).
What broke
Customer assets pooled and moved to company bank accounts and outside platforms; the platform did not hold most customer assets; later deposits paid earlier customers.
What a user could have checked
- Registration status with a securities regulator.
- Evidence that the platform actually held client assets in custody.
- Delays in withdrawals that were advertised as same-day.
Recovery
The companies were dissolved in 2020 with no assets, according to the BCSC.
Sources
- BCSC alleges fraud by Einstein crypto platform (2024/009) — BC Securities Commission, 2024-02-02 (amended 2025-11-26)
Supports: Allegations; November 2019 receivership; agreements treated as securities · checked 2026-11-01 - Director of companies behind crypto trading platform agrees to pay $1 million to BC Securities Commission — BC Securities Commission (release reprinted by Mondo Visione), 2026
Supports: Settlement terms; receiver figures; dissolution in 2020 · checked 2026-11-01