Dave Smillie launched and largely single-handedly ran EZ-BTC, one of four firms entrusted with determining bitcoin price in Canada. No one had any visibility into the operation and even today, exact figures are not known about what is actually owed to customers of the exchange. Dave Smillie owes a sum of over $3.8m to his former business partner Rick Godwin, and there are five other lawsuits also pending in the courts which can give some idea. However, it is very likely that many further sums are owed to individuals who haven’t bothered filing any claim. It would appear that all funds were stored with Dave Smillie personally (and thus improper cold storage), limited records were kept, and obviously nothing was insured in any way. It also appears that Dave Smillie tried very hard to get the money back on behalf of customers - by complaining to the gambling site where he gambled away their hard-earned money.
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