Former CEO of Mine Digital Charged for Embezzlement of $1.5 Million USD From Bitcoin Trader

The post Former CEO of Mine Digital Charged for Embezzlement of $1.5 Million USD From Bitcoin Trader appeared first on Coinpedia Fintech News

The former chief executive of an Australia-based website for buying Bitcoins through digital currency, Mine Digital, has been accused of fraud to remain $1.5 million (2.2 million AUD) of an individual intending to invest in Bitcoins. The Australian Security Investments Commission (ASIC) has accused Grant Colthup of embezzling the money for the purpose of paying or investing on others’ behalf through debt repayments or purchasing cryptocurrency. It shut down in September 2022 and lost creditors about $16 million in unpaid dues. Colthup’s hearing has now been scheduled for December 2024; the maximum penalty under the Queensland Criminal Code is 20 years.