The hack was not related to the former employee's charges.
In May 2019, the company was placed into liquidation, an ongoing process being managed by accountancy firm Grant Thornton.
According to the summary of facts from Monday’s hearing, the former employee allegedly raised concerns with management around the security of private keys for numerous wallets held by the company.
It described cryptocurrency wallets as being similar to an electronic bank account with an attached eftpos card. For a person to deposit into a wallet, all that is needed is an account number, known as a “public address”.
For the account owner or administrator to withdraw or transfer funds from that wallet, an additional number is required, a private key – similar to a PIN on an eftpos card.