Grant Colthup, the ex-CEO of ACCE Australia, is facing a serious fraud charge after allegedly misusing $1.47 million in customer funds. The Australian Securities and Investments Commission (ASIC) brought the charge against Colthup, who could face up to 20 years in prison if convicted.
The incident occurred in 2022 when a customer paid ACCE $1.5 million to purchase Bitcoin. However, instead of delivering the cryptocurrency, Colthup allegedly used the funds to cover the company’s financial liabilities and buy Bitcoin for other clients.
ACCE, which operated the Mine Digital cryptocurrency exchange platform, collapsed in September 2022, leaving creditors owed approximately $16 million. The company’s collapse was marked by financial irregularities, including missing funds and inadequate records.
Colthup’s case highlights the risks associated with cryptocurrency exchanges and the importance of regulatory oversight in the industry.