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Former CEO of Crypto Exchange Mine Digital Charged for $2.2M Fraud
On October 21, Grant Colthup, the former CEO of cryptocurrency exchange Mine Digital, was charged with fraud in Australia.
In July 2022, the Australian Securities and Investments Commission (ASIC) launched an investigation into the exchange's operating company, ACCE Australia Pty Ltd.
ASIC found that between May 2019 and September 2022, Mine Digital, a digital asset trading platform operated by ACCE, offered cryptocurrency trading services to customers.
According to the regulator, customers of the exchange paid $2.2 million to ACCE for Bitcoin. However, these customers never received the cryptocurrency that belonged to them.
ACCE's CEO used client funds to pay off the company's debts or to purchase cryptocurrencies for others. For this reason, Australian authorities charged Colthup with fraud.
In 2022, ACCE Inc. entered administration and Brad Tonks was appointed as the liquidator of Mine Digital.
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