The B.C. Securities Commission (BCSC) says it has taken over the offices of Einstein Exchange, a crypto-asset trading platform, to protect customers. The company was incorporated in December 2017 as a cryptocurrency exchange dealing in Bitcoin, Ethereum, Dash, and other crypto-assets of the like.
BCSC filed the application after they found Michael Ongun Gokturk, the founder of the Einstein exchange, going fugitive. The Commission had stated in the application made to the Supreme Court about the numerous complaints that it received from the Einstein clients, for not being able to access their assets from the exchange. The exchange allegedly owes 16 million US dollars to its clients.
The company’s lawyer told the financial regulator that the exchange was preparing to close in the next 30-60 days due to a lack of profit. Representatives of the platform assured in court documents that they had a sufficient number of assets to satisfy all customers' requests for funds withdrawal but refused to indicate the location of the cryptocurrency.
At the moment, the company’s office in Vancouver is closed, the site of the trading platform also does not work. The BCSC investigator was unable to contact the founder of the exchange, Michael Ongun Gokturk. There are many reports on the inability to withdraw funds on the Einstein Exchange Facebook page.