The former CEO of the Australian cryptocurrency exchange Mine Digital is facing fraud charges for allegedly stealing $1.47 million from a customer looking to acquire Bitcoin. The Australian Securities and Investments Commission (ASIC) reported that the customer paid the funds to ACCE Australia but did not receive the promised cryptocurrency. This incident reportedly occurred just two months before the exchange collapsed in September 2022, and in total, creditors are attempting to recover $16 million from the firm. Grant Colthup, the former CEO, was informed of the charge during a court hearing on October 21, 2024, with the case adjourned until December 16, 2024. The charge under Queensland’s Criminal Code could result in a penalty of up to 20 years imprisonment. During the fluctuating Bitcoin prices at the time, the value of the cryptocurrency that would have been acquired with the stolen amount could currently be worth between $4 million and $5.24 million.

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