Business

After investing $10.4 million, EVP claims StrongRoom AI’s CEO and cofounder admitted to fraud with fake revenue numbers

- April 4, 2025 5 MIN READ

The CEO and cofounder of StrongRoom AI allegedly conceded to EVP investor Misha Saul that the company’s revenue and debt figures were “wilful fraud”. Details of an extraordinary conversation and confession by CEO Max Mito were outlined in submissions in Federal Court legal action by the Sydney VC, after it successfully applied to freeze the… Read more »

bitcoin
Business

Ex-CEO of failed crypto exchange Mine Digital charged with fraud over $2.2 million in missing bitcoin

- October 22, 2024 2 MIN READ

The former CEO of the company behind defunct Queensland digital asset exchange Mine Digital has been charged with criminal fraud in the wake of an investigation by corporate regulator the Australian Securities and Investment Commission (ASIC). Grant Colthup, who was CEO of ACCE Australia Pty Ltd, appeared in Ipswich Magistrates Court on Monday charged with… Read more »

Man holding a smartphone and viewing messages on mobile phone. Fake Text message SMS scam or phishing concept.
Cyber security

Why the Australian government’s proposed scam prevention plan needs a broader scope

- September 17, 2024 3 MIN READ

The federal government is stepping up its fight against scams, which last year cost Australians more than A$2.7 billion. On Friday, the federal treasury released a draft scam prevention framework. The government said the plan is: an economy‑wide reform to protect the Australian community from scams. It takes a whole‑of‑ecosystem approach to reduce gaps which… Read more »

FTX Sam Bankman-Fried
Cryptocurrency

Sam Bankman-Fried’s conviction for fraud at FTX is a reminder of the risk of crypto trading

- November 6, 2023 3 MIN READ

It is not just crypto tokens that have spectacular downfalls. So can crypto personalities. Sam Bankman-Fried founded FTX, one of the world’s largest exchanges for so-called cryptocurrencies, which collapsed last year owing billions of dollars. Now he has gone from being hailed as potentially the world’s first trillionaire to a lengthy term in prison. After… Read more »

FTX Sam Bankman-Fried
Cryptocurrency

Sam Bankman-Fried’s fraud trial hears how a simple tweak to the data allowed him to syphon off $12 billion from investors

- October 11, 2023 3 MIN READ

A simple database flag enabled cryptocurrency magnate Sam Bankman-Fried (SBF) to siphon billions of customer dollars into a lavish lifestyle that ultimately left failed exchange FTX over $12 billion ($US8 billion) in debt, a US court has heard as SBF’s trial nears its conclusion. Once the second largest cryptocurrency exchange with a valuation of $47 billion, the… Read more »

ASX

ASX-listed fintech IOUpay handed to administrators after its former CFO allegedly stole millions

- April 27, 2023 3 MIN READ

The board of ASX small cap IOUpay handed control to PricewaterhouseCoopers as voluntary administrators on Wednesday after a major fraud that siphoned off millions of dollars left the fintech unable to pay its bills. Shares in the Malaysia-focused fintech (ASX:IOU) have been suspended at $0.04 cents since the fraud was first uncovered in mid March.… Read more »