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Home » Regulator claims former CEO of Mine Digital embezzled 15M from Bitcoin holder
Regulator claims former CEO of Mine Digital embezzled 15M from Bitcoin holder
Regulator claims former CEO of Mine Digital embezzled 15M from Bitcoin holder

Regulator claims former CEO of Mine Digital embezzled 15M from Bitcoin holder

0
By admin on 2024-10-22 Cryptocurrency

The former CEO of Australian crypto exchange Mine Digital is facing one count of fraud for allegedly stealing $1.47 million (2.2 million Australian dollars) from a customer who sought to swap the funds for Bitcoin.
In a statement on Oct. 21, the Australian Securities and Investments Commission (ASIC)
said
the customer paid $1.5 million to Mine Digital’s parent, ACCE Australia, but never received the crypto.
ASIC alleges
that Grant Colthup used the funds to pay ACCE’s liabilities, purchase cryptocurrency for others, or a combination of both.
It’s the latest accusation against the firm, which collapsed in September 2022. Since then, creditors have sought to recover $16 million.
ASIC said Colthup was informed of the fraud charge in a hearing at the Magistrates Court in Ipswich, Queensland, Australia, on Oct. 21, and the case was adjourned to Dec. 16.


Source:
ASIC
Colthup was
charged
under section 408C of Queensland’s Criminal Code 1899, which carries a
maximum prison sentence
of 20 years.
Bitcoin (
BTC
) fluctuated between $18,890 and $24,580 when ASIC says the customer tried to make the Bitcoin purchase, CoinGecko
data
shows.
With
Bitcoin currently trading
around $67,460, that Bitcoin would now be worth between $4 million and $5.24 million.
Related:
Bitcoiners slam Saylor for throwing weight behind ‘too big to fail’ banks
Mine Digital operated a crypto exchange platform and offered various trading services between May 2019 and September 2022 — when it entered administration.
An early investigation revealed that only $20,000 worth of assets were under ACCE’s control — far short of the $16 million claimed by creditors, the Australian Financial Review (AFR)
reported
on Oct. 13, 2022.
PKF’s business recovery and insolvency partner, Brad Tonks, was appointed ACCE’s liquidator a little over two months after the
cryptocurrency platform collapsed
on Dec. 1, 2022.
The AFR reported that PKF was reportedly looking to sue Colthup in January 2023, seeking a court order for Colthup to compensate creditors left chasing $16 million.
Magazine:
Bitcoin ETFs make Coinbase a ‘honeypot’ for hackers and governments: Trezor CEO

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