Court-appointed receiver of Einstein Exchange concludes its duties
Vancouver – The interim receiver appointed to preserve the assets of Einstein Exchange, a crypto-asset trading platform, has concluded its work and has been discharged from its duties.
The Supreme Court of British Columbia granted Grant Thornton Limited’s request to be discharged as interim receiver of the crypto-asset trading platform Monday. The British Columbia Securities Commission (BCSC), which applied to the court for appointment of an interim receiver November 1, did not ask for an extension of the receivership.
The BCSC made the application for an interim receiver to preserve any of Einstein Exchange’s assets after learning that customer funds might be at risk.
In its report to the court, the interim receiver said the Einstein Group has less than $45,000 in cash and cryptocurrency.
The interim receiver also reported that, according to the management of the Einstein Group, it owes customers between $8 and $10 million U.S., that there are several claims against the Einstein group and that there are several unpaid suppliers.
The interim receiver found computer equipment, office furniture and equipment, and three bitcoin automated teller machines. It will return all books, records and property to the Einstein Group.
The interim receiver also shut down the trading platform’s website and as a result, customers were no longer able to deposit funds or purchase cryptocurrency.
The BCSC will continue its investigation.
The BCSC, along with other Canadian securities regulators, urges Canadians to exercise caution when buying or selling any crypto-assets due to the risks involved, including the risk of losing all of their money. The risks are exacerbated with trading platforms that maintain control of crypto-assets, or other assets, owned by investors.
About the British Columbia Securities Commission (www.bcsc.bc.ca)
The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:
- A securities market that is fair and warrants public confidence
- A dynamic and competitive securities industry that provides investment opportunities and access to capital
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