The charge was officially filed on October 21, 2024, in the Magistrates Court at Ipswich following an extensive investigation by ASIC.

Colthup faces charges under section 408C of Queensland's Criminal Code 1899, which could lead to a maximum prison sentence of 20 years.

The customer had initially paid $1.5 million to ACCE Australia for Bitcoin but never received the cryptocurrency, leading to the fraud allegations.

Following the collapse of ACCE, which entered administration on September 23, 2022, liquidator Brad Tonks from PKF has sought legal action against Colthup for compensation.

ASIC's investigation revealed that only $20,000 in assets was under ACCE's control, far below the amount claimed by creditors, who are currently seeking to recover $16 million.

At the time of the fraudulent transaction, Bitcoin prices fluctuated significantly, and the potential value of the stolen Bitcoin could now be worth between $4 million and $5.24 million, given the current market price.

The fraud charges stem from a $2.2 million cryptocurrency transaction where the customer paid for Bitcoin but never received it.

The Australian Securities and Investments Commission (ASIC) has accused Colthup of misusing the funds intended for Bitcoin purchases to cover liabilities and potentially buy cryptocurrencies for others.

This incident occurred shortly before Mine Digital declared bankruptcy in September 2022, with the customer reporting that they never received the Bitcoin they had purchased.

Mine Digital operated as a cryptocurrency exchange from May 2019 until its bankruptcy, which followed a lawsuit alleging inadequate protection against scammers on its platform.

The court case against Colthup has been adjourned to December 16, 2024, and is being prosecuted by the Office of the Director of Public Prosecutions (Cth) (ODPP).

Grant Colthup, the former CEO of the Australian cryptocurrency exchange Mine Digital, is facing serious fraud charges for allegedly embezzling $1.47 million from a customer.