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Grant Colthup, the ex-CEO of Australian cryptocurrency exchange Mine Digital, is facing a charge of fraud for allegedly stealing $1.47 million (2.2 million AUD) from a customer seeking to exchange the funds for Bitcoin. According to the Australian Securities and Investments Commission (ASIC), the customer made a payment to ACCE Australia for Bitcoin, but never received the cryptocurrency in return. ASIC claims Colthup misused the funds to either settle ACCE’s debts or purchase cryptocurrency for other clients.
The fraud, which occurred just two months before Mine Digital went bankrupt in September 2022, is the latest issue facing the firm. Mine Digital creditors are still attempting to recover around $16 million. When the exchange collapsed, only $20,000 in assets were available to pay creditors, a far cry from the $16 million owed.
Colthup appeared in an Ipswich court in Queensland, Australia, on Oct. 21, where he was informed of the charges. The case has been adjourned until Dec. 16, 2024. If convicted, Colthup faces up to 20 years in prison under Queensland’s Criminal Code.
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Mine Digital had operated a cryptocurrency trading platform from May 2019 until its collapse in 2022, with administrators appointed in December of that year. Since then, liquidators have been investigating and pursuing compensation for the company’s creditors.
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