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Former ACCE CEO Faces Fraud Charges to $2.2 Million Cryptocurrency Transaction

ASIC investigated Grant and subsequently charged him with one count of fraud under section 408C of the Criminal Code 1899 (QLD).

On October 21, 2024, Grant Colthup, the former CEO of ACCE Australia Pty Ltd (ACCE), appeared in the Magistrates Court at Ipswich.

The Australian Securities and Investments Commission (ASIC) investigated him, and subsequently charged him with one count of fraud under section 408C of the Criminal Code 1899 (QLD). The charges stem from a $2.2 million cryptocurrency transaction that allegedly occurred in July 2022.

Former ACCE CEO Investigation Discovery

The investigation by ASIC revealed that between May 2019 and September 2022, ACCE operated a digital asset exchange platform under the name ‘Mine Digital’, offering cryptocurrency trading services to customers.

According to ASIC, a Mine Digital customer paid $2.2 million to ACCE for Bitcoin but never received any cryptocurrency in return. ASIC alleges that Colthup subsequently used these funds to settle ACCE’s liabilities or purchase cryptocurrency for other individuals.

Furthermore, the court adjourned the matter to December 16, 2024. The Office of the Director of Public Prosecutions (Cth) (ODPP) is handling the prosecution after a referral from ASIC.

This case underscores the potential for fraudulent activity within the burgeoning cryptocurrency market. Notably, ACCE entered administration on September 23, 2022, and Brad Tonks of PKF was appointed as the liquidator on December 1, 2022. The current legal proceedings are a direct consequence of the investigation into ACCE’s financial dealings.

Northern Data to Exit Bitcoin Mining to Focus on AI

Germany-based data center and high-performance computing specialist, Northern Data, has announced a strategic shift, pivoting from a hybrid business model to a pure-play AI strategy. However, this move, fueled by the company’s conviction in the immense growth potential of the AI market, involves exploring the potential divestment of its Bitcoin mining subsidiary, Peak Mining.

The company’s stated intention is to reinvest the potential proceeds from this transaction into bolstering its data center infrastructure, acquiring state-of-the-art Graphics Processing Units (GPUs), and further refining its AI product platform.

This strategic realignment underscores Northern Data’s unwavering belief in the transformative power of AI and its ambitious goal to become a dominant player in this rapidly evolving technological landscape. The company recognizes the burgeoning demand for advanced computing resources within the AI ecosystem and is strategically positioning itself to capitalize on this expanding market.

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