HomeExchange NewsEinstein Exchange Shuts Down, Taking Customer Funds with It

Einstein Exchange Shuts Down, Taking Customer Funds with It


A Canadian cryptocurrency trading platform known as Einstein Exchange is being invested by local law enforcement after it mysteriously shut down, leaving several customers unable to withdraw their funds.

Einstein Disappears, Leaving Customers Behind

After repeatedly emailing the exchange regarding why withdrawals were taking such an unusually long period of time, one user recalls receiving the following message:

As you have been told several times by several team members, by constantly emailing in, you are further slowing down our processing times and causing further delays in your withdrawals. Please stop continuously emailing in. It is adding to our backlog. We will email you with any updates on when your pending withdrawals have been processed. Please be aware that constantly contacting support via chat and email will result in your account being disabled or blocked on our platform.

Disabled or blocked? Naturally, this sounded a little harsh to the user in question, and it didn’t take long for other customers to report receiving the same message. Now, it appears the exchange has shut its office doors for good – taking approximately $16 million of users’ digital funds with it.

Canadian police are investigating the matter. As it appears, Einstein continually let customers deposit funds into their accounts, but withdrawing them was a completely different story.

One anonymous customer says he lost approximately $7,000 in the now alleged scam. He says that he ultimately chose to invest in the exchange as it had a physical office in Vancouver and wasn’t reserved to an online presence only. He now says investing with them was a mistake.

He explains:

They had an office where I could deposit funds into my account in person, and not have to wait for a few days. They also had no fees involved with depositing funds unlike some other exchanges… I was contacting them through email and live chat, asking when the hold on my withdrawal request will be complete. They kept telling me they have a backlog of transaction requests and they need to manually process them. The reason I gave them so much time is because I met a couple of employees in person when I deposited my cash. It all seemed normal at their office, which was over a couple of months ago. Then, they stopped the live chat support. I sent them a couple of emails but did not get a reply.

Taking the Money and Running?

The British Colombia Securities Commission claims that the company has officially shut down without refunding the monies deposited by customers. In addition, a representative visited the physical office only to see that the building had been shuttered and barred. The Commission also states that none of the company’s phone numbers are operational.

Several customers are now looking to file a class-action lawsuit against the company.


Nick Marinoff
Nick Marinoffhttps://www.livebitcoinnews.com/
Nick Marinoff is currently a lead news writer and editor for Money & Tech, a San Francisco-based broadcasting station that reports on all things digital currency-related. He has also written for a number of other online and print publications including Black Impact Magazine, EKT Interactive, Seal Beach USA and Benzinga.com, to name a few. He has recently published his first e-book "Take a 'Loan' Off Your Shoulders: 14 Simple Tricks for Graduating Debt Free" now available on Amazon. He is excited about the potential digital currency offers, particularly its ability to finance unbanked populations and bring nations together financially.

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