In the world of crypto, it would seem that there is never a dull moment. Although Bitcoin and Ethereum have hit a bit of a plateau after a bold uptick in prices earlier this month, there hasn't been much dramatic movement recently. After the crypto winter finally abated, crypto has become relatively stable. But this stability unfortunately did not seem to affect a Canadian crypto exchange called Einstein, which was shut down by regulators in Canada after it was discovered that the group owed a whopping $16 million to its users. Clients of the website started complaining after they found themselves unable to gain access to their assets on the exchange. At this point, it would appear that the exchange owes $5 million in cash to its users. The other $11 million is all in crypto. It should be noted that this was not the first Canadian exchange to dramatically plunge to its demise this year. The details of the infamous QuadrigaCX situation have been reported ad nauseum in the media.
When reports about Einstein started flooding into the British Columbia Securities Commission (BCSC), an investigator named Sammy Wu was charged with getting in contact with the principals and discovering exactly what was happening with the exchange. But when he arrived at the exchange, he was shocked to discover that none of the elevators were working. When he decided to reach out to the exchange's founder, Michael Gokturk, Wu noted that the founder's phone number did not appear to be working. All in all, the signs seemed to indicate that something was desperately wrong at the exchange.
Einstein's collapse has sent shockwaves around the crypto world — and it's made Canadian regulators appear to buckle down on more exchanges. The BSSC has been busy lately, with reports also filtering in about the ezBtc.ca exchange. At this juncture, however, the regulatory agency seems reticent to discuss where they are in their investigation right now. Some have speculated that this may be because the ezBtc.ca group is being more cooperative about the process. Whatever the case may be, crypto drama continues to enthrall the world.