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Show Me The Money: Canadian Crypto Exchange that Shut Down with $16M of Users’ Funds Has Only $45k Left

Canadian Crypto Exchange that Shut Down with $16M Only Has $45k Left

Einstein Crypto Exchange News (November 20, 2019) – A handful of Canadian cryptocurrency exchanges have shut down operations over the pass few months. Many simply go dark; taking clients crypto assets with them without any explanations.

For instance, Einstein Crypto Exchange, based in Vancouver, was shut down earlier this month by Canada’s B.C. Securities Commission (BCSC).  BCSC becomes involved after several users complained they were not able to access their account on the exchange.

Investigation as a result of users’ complaints

After several complaints, BCSC appointed Grant Thornton Limited, a U.S-based audit and tax firm to located, seize whatever remains of Einstein Crypto Exchange assets after it was shut down.

As a result, Grant Thornton filed a report with British Columbia Supreme Court yesterday claiming Einstein Crypto Exchange only has $45,000 left; $30,000 in hard cash and 15,000 in cryptocurrency coins

Where is Michael Ongun Gokturk, founder of Einstein?

Michael Ongun Gokturk, who founder Einstein exchange at the high of Bitcoin’s bull run, is in the run and no where to be found. Therefore, BCSC started investigated Mr. Gokturk shortly after the complaints started pouring in. 

Consequently, a number of notices have been issued to banks in Canada and the United States, where Gokturk is suspected of hiding the money.

With Mr. Gokturk in the run, Einstein Group told Grant Thornton it only owes $8-$10 millions to the exchange users, not the reported $16m.

How many users did Einstein have before shutting down?

200,000 users around the world signed up and traded on Einstein exchange before it collapsed. Grant Thornton stated that they have communicated with between 200-300 users. 

BCSC advises all customers who are victim of the exchange to contact them via email at (Einstein.Receivership@ca.gt.com)

Are you a victim of Michael Ongun Gokturk and his Einstein Crypto Exchange? Please share your thoughts with us using the comment form below. 

Also read: The Royal Bank of Canada (RBC) Does About Face, Will Launch Cryptocurrency Trading Platform for Investments & In-stores Purchases

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