{"id":17970,"date":"2024-10-22T11:57:51","date_gmt":"2024-10-22T08:57:51","guid":{"rendered":"https:\/\/forklog.com\/en\/former-mine-digital-ceo-accused-of-embezzling-1-5-million-from-client\/"},"modified":"2024-10-22T11:57:51","modified_gmt":"2024-10-22T08:57:51","slug":"former-mine-digital-ceo-accused-of-embezzling-1-5-million-from-client","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/former-mine-digital-ceo-accused-of-embezzling-1-5-million-from-client\/","title":{"rendered":"Former Mine Digital CEO Accused of Embezzling $1.5 Million from Client"},"content":{"rendered":"<p>The Australian Securities and Investments Commission (ASIC) has charged former CEO of the crypto exchange Mine Digital, Grant Colthup, with embezzling 2.2 million <span data-descr=\"Australian dollars\" class=\"old_tooltip\">AUD<\/span> ($1.47 million) from a client attempting to purchase bitcoins.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Following an ASIC investigation, the ex-CEO of crypto exchange Mine Digital has been charged with fraud in connection with a $2.2 million transaction <a href=\"https:\/\/t.co\/tHrFgaHiSD\">https:\/\/t.co\/tHrFgaHiSD<\/a><\/p>\n<p>\u2014 ASIC Media (@asicmedia) <a href=\"https:\/\/twitter.com\/asicmedia\/status\/1848510390486900809?ref_src=twsrc%5Etfw\">October 21, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>With the rise in the price of digital gold, the value of the coins could have increased to $4-5.24 million.<\/p>\n<p>According to the document, the platform did not credit the specified funds to the client, instead using them to settle obligations or purchase cryptocurrencies for other parties, or a combination of both.<\/p>\n<p>The transaction occurred two months before the organization declared bankruptcy in September 2022. Mine Digital had been operating the platform since May 2019.<\/p>\n<p>The investigation revealed that the recipient of the funds, ACCE Australia, had assets worth $20,000, which is significantly less than <a href=\"https:\/\/www.afr.com\/technology\/alarming-deficiency-mine-digital-creditors-fret-on-missing-millions-20221004-p5bn5f\">$16 million in creditor claims<\/a>.<\/p>\n<p>The maximum penalty for the fraud charge against Colthup is 20 years in prison.<\/p>\n<p>The case is scheduled to be heard on December 16, 2024.<\/p>\n<p>In October, a court in Las Vegas sentenced 86-year-old former attorney David Keagle from California to a five-year suspended sentence for organizing a cryptocurrency pyramid scheme. The defendant will pay ~$13.95 million in restitution.<\/p>\n<p>Earlier in New York, the organizer of the IcomTech crypto pyramid, David Carmona, was sentenced to 10 years in prison.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Australian Securities and Investments Commission (ASIC) has charged former CEO of the crypto exchange Mine Digital, Grant Colthup, with embezzling 2.2 million AUD ($1.47 million) from a client attempting to purchase bitcoins. Following an ASIC investigation, the ex-CEO of crypto exchange Mine Digital has been charged with fraud in connection with a $2.2 million [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17969,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[108,1162,1163],"class_list":["post-17970","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-australia","tag-court-cases","tag-ponzi-schemes"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/17970","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=17970"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/17970\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/17969"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=17970"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=17970"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=17970"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}