Former CEO Of Australian Crypto Exchange Faces Fraud Charges

According to Odaily, Grant Colthup, the former CEO of Australian cryptocurrency exchange Mine Digital, is facing fraud charges for allegedly stealing $1.47 million (2.2 million AUD) from a client. The Australian Securities and Investments Commission (ASIC) stated on October 21 that the client had paid $1.5 million to ACCE Australia but never received the exchanged Bitcoin. ASIC claims that Colthup either used the funds to pay ACCE's debts, purchase cryptocurrency for others, or both. This is the latest charge against the company, which collapsed in September 2022. Since then, creditors have sought to recover $16 million from Mine Digital. On October 21, Colthup was informed of the fraud charges during a hearing at the Ipswich Magistrates Court in Queensland, Australia. The case against Colthup has been adjourned to December 16, 2024.