Cryptocurrency exchange that went dark with $16M in user funds only has $45k, report

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Cryptocurrency exchange that went dark with $16M in user funds only has $45k, report

A Canadian cryptocurrency exchange that was shut down earlier this month for allegedly misappropriating CAD$16 million ($12.1 million) in user funds only has $45,000 in "hard assets," reports Global News.

As previously reported by Hard Fork, the B.C. Securities Commission (BCSC) shut down Einstein Exchange after looking into several complaints from customers unable to access their cash and cryptocurrency assets.

Grant Thornton Limited was appointed to seize the exchange's assets and return the allegedly missing funds to users. These included cryptocurrency, such as Bitcoin, the BCSC case documents said.

But, a British Columbia Supreme Court filing published yesterday reportedly says Grant Thorton has discovered that the business only has approximately $15,000 in cryptocurrency and $30,000 in cash.

The cryptocurrency exchange was incorporated by director Michael Ongun Gokturk in December 2017, during Bitcoin's famous bull run.

In May this year, the BCSC launched an investigation into customer complaints.

Grant Thornton has



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