Former Crypto CEO Faces Fraud Charges Over Misappropriated Bitcoin Funds
22.10.2024 18:00 1 min. read Alexander Stefanov
The former CEO of Australian crypto exchange Mine Digital, Grant Colthup, has been charged with fraud for allegedly misappropriating $1.47 million from a customer trying to convert funds into Bitcoin.
The Australian Securities and Investments Commission (ASIC) reported that the customer sent $1.5 million to Mine Digital’s parent company, ACCE Australia, but did not receive the cryptocurrency.
Colthup is accused of using the funds to pay ACCE’s debts or purchase crypto for others, rather than facilitating the transaction. His case will return to court on December 16, with potential penalties of up to 20 years in prison under Queensland law.
Since Mine Digital’s collapse in September 2022, creditors have sought to recover $16 million, but initial investigations revealed only $20,000 in assets under ACCE’s control.
Brad Tonks from PKF has been appointed as the liquidator, and legal action against Colthup may be forthcoming to recover funds owed to creditors.
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