In Canada, ezBtc crypto exchange and its founder David Smillie were accused of defrauding investors out of $9.5 million. 🕵️‍♂️ According to the BCSC investigation, customer funds were used for gambling and personal expenses. ezBtc, which operated from 2016 to 2019, claimed that users stored their BTC and ETH assets in cold storage, but the funds were transferred elsewhere.

As crypto scams increase in Canada, institutional investors' interest in crypto is also growing. According to KPMG's 2023 survey, 39% of Canadian institutional investors invest in crypto assets. 💼 This rate was 31% in 2021. The percentage of financial institutions offering crypto services also increased from 41% to 50%.