Grant Colthup, former CEO of Mine Digital, an Australian-based Bitcoin trading platform, has been accused of fraud by the Australian Securities and Investments Commission (ASIC).

He allegedly misappropriated $1.5 million (AUD 2.2 million) from an investor intending to buy Bitcoin.

The funds were reportedly used to settle debts and invest on behalf of others.

This accusation follows Mine Digital's collapse in September 2022, which left around $16 million in unpaid debts to creditors.

Colthup’s trial is scheduled for December 2024, with a possible maximum sentence of 20 years under the Queensland Criminal Code