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Cryptocurrencies

www.businessnewsaustralia.com

Former CEO of Mine Digital faces court on $2.2m fraud charge

Grant Colthup, the former CEO of cryptocurrency platform Mine Digital which collapsed in 2022, has fronted the Ipswich Magistrates Court in Queensland on a $2.2
www.businessnewsaustralia.com www.businessnewsaustralia.com
Grant Colthup, the former CEO of cryptocurrency platform Mine Digital which collapsed in 2022, has fronted the Ipswich Magistrates Court in Queensland on a AU$2.2 million fraud charge stemming from the company's operations.

Colthup was sole director of ACCE Australia, which traded as Mine Digital – a digital asset exchange platform that offered cryptocurrency trading services to customers between May 2019 and September 2022.

The fraud charge brought by the Australian Securities and Investments Commission (ASIC) against Colthup relates to a transaction that occurred in July 2022, just months before the company was placed into administration in September that year.

ASIC alleges that a customer of Mine Digital paid $2.2 million to ACCE for Bitcoin but never received any cryptocurrency in exchange.

Instead, Colthup is alleged to have "used the funds to pay liabilities of ACCE and/or purchase cryptocurrency for others".
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silentorphan said:
To quote the thread tag: Bitcoin is saved! 🤑
www.theguardian.com

Bitcoin reaches record high of $75,000 as traders bet on Trump victory

Republican candidate is seen as pro-crypto and price of bitcoin has followed his position in the polls
www.theguardian.com www.theguardian.com
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and not a soul cares - I got a few media calls the last couple of times, but none this time.

Trump doesn't care either, I strongly suspect - he promised the moon to all manner of groups in 2016 (e.g.) and just never bothered following through.

I expect crypto will get slight relief on regulatory pressure. But it won't matter, because the fundamentals suck and the general public still thinks it's trash.
 
Eliar said:
So...

Does that mean that someone that has a TBC can go to a bank and exchange it for 75k or is it just the usual random number quoted by the bot filled exchanges?
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Yes, there may be a bit of friction getting it out of the exchanges, but you could get that much for 1 BTC easily enough.

Where it gets complicated is if you wanted to get that much for thousands of BTC at once.
 
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