# Former CEO of Australian Crypto Exchange Faces Fraud Charges

The Australian Securities and Investments Commission (ASIC) has charged former Mine Digital CEO Grant Colsap with stealing $1.47 million from a client. The client paid $1.5 million to buy Bitcoin in July 2022 but did not receive any cryptocurrency. ASIC said Colsap used the funds to repay company debts and buy cryptocurrencies.

The case will continue on December 16, and Colsap could face up to 20 years in prison. Despite this, the market remains optimistic about the long-term prospects of Bitcoin, which is currently trading at around $67,460.