The former CEO of Mine Digital, an Australian cryptocurrency exchange, is accused of defrauding a customer of $1.47 million. The Australian Securities and Investments Commission (ASIC) claims that the customer paid the amount to ACCE Australia but did not receive the Bitcoin in return. ASIC alleges that the CEO used the funds to pay off debts or buy cryptocurrency for others. The exchange collapsed in September 2022, with creditors seeking to recover $16 million. The CEO, Grant Colthup, faces a fraud charge under Queensland's Criminal Code and could face up to 20 years in prison. The case has been adjourned to December 2024. The exchange operated from May 2019 to September 2022, with only $20,000 in assets under control at the time of collapse. Liquidators are seeking compensation for creditors. Bitcoin's value has significantly increased since the alleged fraud occurred. Read more AI-generated news on: https://app.chaingpt.org/news