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Former CEO of the cryptocurrency exchange Mine Digital accused of stealing $1.5 million from a client
Former CEO of the cryptocurrency exchange Mine Digital accused of stealing $1.5 million from a client
The Australian Securities and Investments Commission (ASIC) has accused former CEO of the cryptocurrency exchange Mine Digital, Grant Colthup, of stealing 2.2 million AUD ($1.47 million) from a customer trying to buy bitcoins.
Given the rise in the price of digital gold, the cost of coins could have increased to $4-5.24 million.
According to the document, the platform did not credit the specified funds to the client, but instead used them to repay obligations or purchase cryptocurrencies for other individuals, or a combination of both.
The transaction occurred two months before the organization’s bankruptcy in September 2022. Mine Digital has been managing the platform since May 2019.
The investigation revealed that the recipient’s accounts with ACCE Australia held assets amounting to $20,000, which is much less than the $16 million in creditor claims.
The maximum penalty for the fraud charges brought against Coltapp is 20 years in prison.
The hearing will take place on December 16, 2024.
Recall, in October, a court in Las Vegas sentenced 86-year-old former California lawyer David Keagle to a five-year suspended sentence for organizing a cryptocurrency pyramid. The defendant will pay ~$13.95 million in restitution.
Earlier in New York, IcomTech pyramid scheme organizer David Carmon was sentenced to 10 years in prison.