BCSC reaches agreement with overseas companies to return money and cryptocurrency to British Columbians

Vancouver - The B.C. Securities Commission (BCSC) has reached an agreement with an overseas group of companies, GS Partners and its affiliates, which will enable British Columbians to make a claim for a refund of all investments they made with them.

The agreement, reached as part of a coordinated effort by U.S. state and Canadian provincial securities regulators, includes GSB Gold Standard Corporation AG, which purportedly operated in the financial technology ("fintech") and banking industry, GSB Gold Standard Bank LTD (commonly known as "GS Partners"), GSB Gold Standard Corporation AG, affiliated entities together known as the "GSB Group", and Josip Heit, the group's principal.

GS Partners and its affiliates must return all money and/or cryptocurrencies deposited with them, regardless of the product or service the investor purchased, and must also fund the costs of the claims process.

British Columbians who invested with the companies must submit a claim to receive a refund of the value of their deposits minus any withdrawals.

The investments included in the claims process are:

• Certificates (also known as "Metacertificates"), including Olympus, Elemental and Success series, through which purchasers were allegedly incentivized to add value to their certificates to unlock returns,
• G999 token, a digital asset purportedly deployed on a proprietary blockchain tied to physical gold,
• XLT Vouchers, a digital asset purportedly representing ownership interests in a skyscraper, and
• the so-called staking pool in a metaverse known as Lydian World.

Eligible investors can submit a claim with the claims administrator, AlixPartners LP, on the Claims Portal starting on February 21, 2025. Eligible investors will have until May 22, 2025 to submit a claim.

AlixPartners previously managed a claims process for clients of Bernie Madoff and was recently hired by the bankruptcy managers for FTX to perform complex cryptocurrency and blockchain analyses.

Detailed instructions about how to file a claim are available on the Claims Portal website, gsbsettlement.com. Please send any questions about submitting a claim by email to AlixPartners at [email protected].

In November 2023, the BCSC issued a temporary order against GS Partners, certain affiliates and three B.C. promoters as part of a coordinated enforcement effort with U.S. state securities regulators. The temporary order was subsequently extended to November 29, 2024. Upon successful conclusion of the claims process, the BCSC will discontinue enforcement proceedings against GS Partners and its affiliates.

About the B.C. Securities Commission (bcsc.bc.ca)

The B.C. Securities Commission, an independent provincial government agency, strives to make the investment market benefit the public. We set rules, monitor compliance by industry, take action against misconduct, and provide guidance to investors and industry. As guardians of B.C.'s investment market, we're committed to maintaining a market that is honest, fair, competitive and dynamic, enabling British Columbians to thrive.

Media Contact:
Elise Palmer
604-899-6830

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