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The Australian Securities and Investments Commission (ASIC) has accused Grant Coltap, the former CEO of ACCE Australia, which operated the Australian crypto exchange Mine Digital, of fraud in the amount of $1.47 million.
Enforcement measures against its founder Grant Colthup began after receiving a complaint from one of the exchange's customers, who contributed 2.2 million Australian dollars (about $1.47 million) to buy bitcoins. After depositing funds on the exchange, he never received the cryptocurrency. ASIC alleges that Coltap used these funds to pay off ACCE obligations or to buy cryptocurrency.
The investigation revealed that ACCE controlled crypto assets worth only $20,000, instead of $16 million contributed by creditors. The exchange went bankrupt in September 2022, and since then, creditors have been trying to recover these funds from it. Brad Tonks, PKF's partner in business recovery and insolvency, was appointed as the liquidator of ACCE. In January 2023, PKF intended to sue Koltap to oblige him to pay compensation to creditors.
On October 21, Coltap was charged with fraud at a hearing at Magistrates' Court in Ipswich, Queensland. The consideration of the case was postponed until December 16. Koltap faces up to 20 years in prison.
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Enforcement measures against its founder Grant Colthup began after receiving a complaint from one of the exchange's customers, who contributed 2.2 million Australian dollars (about $1.47 million) to buy bitcoins. After depositing funds on the exchange, he never received the cryptocurrency. ASIC alleges that Coltap used these funds to pay off ACCE obligations or to buy cryptocurrency.
The investigation revealed that ACCE controlled crypto assets worth only $20,000, instead of $16 million contributed by creditors. The exchange went bankrupt in September 2022, and since then, creditors have been trying to recover these funds from it. Brad Tonks, PKF's partner in business recovery and insolvency, was appointed as the liquidator of ACCE. In January 2023, PKF intended to sue Koltap to oblige him to pay compensation to creditors.
On October 21, Coltap was charged with fraud at a hearing at Magistrates' Court in Ipswich, Queensland. The consideration of the case was postponed until December 16. Koltap faces up to 20 years in prison.
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