November 1, 2019

Filing Type:

Trustee: Grant Thornton

Applicant: British Columbia Securities Commission

Applicant Counsel: Lawson Lundell

Industry:

Province:

Einstein Exchange, a Vancouver, British Columbia-based cryptocurrency exchange with customer deposits equivalent to over $16.3 million, was placed in interim receivership on November 1 on application by the British Columbia Securities Commission. After receiving multiple complaints from members of the public claiming that they could not access their funds from Einstein, as well as complaints about improper use of funds and potential money laundering, the Commission issued an investigation order in May 2019. As part of the investigation, on October 31 the Commission demanded that Einstein, through its counsel, provide information about where its cryptocurrencies are stored. Two hours later, Einstein's counsel notified the Commission that it was no longer representing the company. The next day, the Commission visited Einstein's office and discovered that the elevator was locked for all floors. A phone call to the number listed on the company's website's stated that all its agents were unavailable. An interim receivership order was therefore immediately sought to preserve and protect the cryptocurrency and other assets of or held by the company. Grant Thornton was appointed interim receiver. Lawson Lundell is counsel for the applicant.

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