New to Crypto? Make sure you read the things you need to know about the Crypto Market in Canada for 2019. We've put all you need in this updated post! is Likely Insolvent

See my post on Reddit for other people's similar experiences:


Just to preface, I don't have any definitive evidence of this, but feel free to draw your own conclusions based on the experience I have had. Apart from the interactions below, I've sent them literally countless e-mails, contacted them through chat multiple times, and spoke with Dave over the phone. All of this was to no avail. It has been an endless string of excuses, broken promises, and lies.

June 25 - I e-mail Dave giving him advance notice that I will need to withdraw around $20k worth of fiat and ask him what the best way to do this is. I arrange to meet with him in Toronto on July 1st at 4 PM for him to give me a cheque.

June 26 - Dave e-mails me asking me if I would like to sell more BTC to a value of $30k, and they'll instead wire me money the next day if I do. He says "we are super tight on crypto and super busy and I can't pull out of my positions". I say no.

July 1 - I e-mail Dave explaining that I am running late because of work. He says it's not a problem and that "Behi has your cheque". I e-mail Dave at 6:30 PM, and he replies that he is now swamped. He offers to meet with me at 9 PM the next day.

July 2 - I send Dave five e-mails and get no replies at all. He was supposed to meet me today.

July 3 - Dave says he is really busy but says he can probably just drop off a cheque for me. I accept this offer, and also offer to drive over and pick it up from him if its easier just to make sure it happens. Dave says he doesn't actually have the cheques on him and has to get them from someone named "Behi", so he instead offers to do an ETF, saying it will be "pretty quick" and that the funds will clear in several days. I accept this offer and send him my information. Dave tells me he sent the ETF and it should clear in three business days.

July 8 - I e-mail Dave to inquire about what is going on because I haven't received my ETF.

July 9 - Dave replies saying that the ETF actually went out late on the 4th, and that they typically take 5 to 7 days, so it's not overdue yet.

July 11 - Still no transfer. I e-mail Dave to inquire. He replies saying that he is flying to Europe shortly, but that he will check what is going on for me on arrival.

July 19 - I've sent Dave multiple e-mails in the past days and been ignored. I get an e-mail today saying he was tending to a "urgent family issue". He tells me he is investigating the payment and it should come through shortly.

July 20 - Dave tells me they've hired someone new to help with payments and asks me to bear with them for "another day or two".

July 23 - Dave tells me he's had to recall some "problematic" ETFs. He tells me that they are moving cheques to BC now, and he can't deliver one to me personally because he is in Europe. He assures me I will have my money by the end of the month. I ask for a certified cheque. He says he can't provide that because he is in Europe, but he offers to instead wire transfer me the money and says they will send it the next day.

July 24 - Dave confirms receipt of my information and tells me he will inform me when the wire is sent.

July 28 - I've sent multiple e-mails to Dave and have been ignored. I receive an e-mail back saying apparently he's tried to call me multiple times (I have no record of this), and asks me to call him at a number he provided. I call him and he answers, and he promises he will sort this out as soon as possible. They end up depositing a cheque to my account later that day for $22,850 (which is the full amount I requested).

August 1 - Someone named "Yossi" e-mails me telling me that "An employee at our bank mistakenly cancelled your cheque today. And I only found out at the end of the day while trying to confirm it had posted. A new cheque will be reissued and posted to your account by no later than end of Thursday. If it's possible, we'll try for tomorrow (Wednesday)." I reply obviously pretty pissed off. For the record, my bank statement shows that the cheque bounced due to "insufficient funds". I'm not sure if this is some generic message for when this happens, but it didn't describe the cheque as being cancelled for a different reason.

August 4 - I receive a deposit in my account for the amount of $1,000. This ends up clearing. I message them multiple times again being upset because they owe me significantly more than that which I've been trying to withdraw for WEEKS.

August 9 - I've sent several e-mails which again have been ignored. On this day I recieve an e-mail from Yossi which states the following: "We'd like to propose a series of payments over the next 8 weeks. And also offer a make good of 0.25% per week on whatever hasn't already been sent. E.g. Week 1 0.25% * $21,850 + Week 2 0.25% * $19,300 +...". I reply refusing this offer and tell them I want my money now.

August 10 - I contact them through chat where they tell me that my request is in queue for the "waiting list for withdrawals". They further tell me that the "the reason why we are behind right now is that we have a very huge numbers of depositors and withdrawals. So we decided to audit all the ins and outs to make sure that there will be no lapses".

August 12 - I contact their chat again and am told: "I do see that your audit has been completed and the amount has been verified, but it has not yet been scheduled."

It is now August 13th and I still haven't heard anything back from them. This is consistent with the multiple times I've been ignored for days at a time. I've been trying to withdraw this money now for over six weeks, after even having given them a weeks notice on top of that. They've paid me $1,000 which has cleared, and still owe me $21,850. Apart from my countless e-mails I've also contacted their chat a ton of times, where they are completely unhelpful and tell me they will escalate my ticket to management. I've tried to call multiple times but no one ever picks up. The number Dave gave me always goes straight to voicemail, making me suspect it's just a virtual number of some kind.

This whole experience has been an absolute disaster. Feel free to draw your own conclusions, but based on my countless interactions with them and the "offers" they have made to me, the only logical conclusion I can draw is that the exchange is insolvent and they don't have the money to pay me.

I welcome a response from Dave to address these concerns.


Sign In or Register to comment.