A high-ranking executive in Vancouver, a British Columbia-based marketing firm, learned about his employer’s ignorance of managing millions of dollars worth of digital assets related to crypto money.
In a case filed by Shair.Com Global Digital Services, the marketing company accused Jason Arnold, former operations manager, of stealing $ 5.3 million, and then claimed he was lost after the company’s laptop computer was killed. The British Columbia Supreme Court ultimately issued a ruling last month that governs computer transfer independently of Arnold’s current status.
According to the plaintiff, the decision to invest in cryptography has arrived towards the end of 2013. The defendant was commissioned to investigate the opportunity, as he introduced himself as the most knowledgeable of the company regarding digital assets.
When a Altco is Better than Bitcoin …
At the beginning of 2014, Arnold announced that he had established a bitcoin wallet for his employer and that the company created a paper backup and digital backup on the Citrix server. If Arnold was converted to Whitecoin (XWC) between June and August of the same year, $ 14,000 was paid to buy bitcoin worth $ 172,000 or $ 5.3 million. This has been settled after an investigation conducted by a digital money counselor held by the claimant.
“The investigation could not determine the place or value of the digital currencies that the claimant had, but the plaintiff claims that he will buy in June and August 2014 if Bitcoin bought [Bitcoin] $ 18.500 in Bitcoin. The current value is about [C] $ 225,000, “Skolrood wrote. “If all this Bitcoin had been converted to Whitecoin, the present value would be about $ 5.3 million.”
The investigation also revealed that the defendant bought the bitcoin on behalf of the marketing company in January 2014, but that the plaintiff was not informed of this advance.
No Backup, No Laptop
Although Shair.Com was a shareholder in Global Digital Services, Arnold left the company in April last year. However, only in December 2017 is the employer noticing that the laptop computer given to him by the employer was not returned. In addition, the marketing firm noticed that there was no digital backup of the bitcoin wallet on the Citrix server.
Justice Skolrood rejected the cause of the case, despite an application for the release of Arnold’s assets worth $ 2.3 million, including a boat, two land vehicles, two cars, a plot and three houses.