The former director of the collapsed Australian crypto exchange ACX.io is facing a civil court case that claims regulators are a serious violation related to the disappearance of millions of client funds.
On Wednesday, the Australian Securities and Investment Commission The minutes announced He accused Liang “Allan” Guo of misusing the user fund, failing to maintain proper financial records, and made a misleading statement while serving as director of Blockchain Global Ltd.
The company operated ACX Exchange while currently under liquidation. This frozen the withdrawal in late 2019, leaving behind more than $20 million in bills from former customers.
The lawsuit is the culmination of a long-standing investigation into one of Australia’s fastest and most harmful crypto exchange failures.
The liquidator estimates that ACX users have at least $22.7 million of our total obligations to unsecured creditors of $58.6 million.
Regulators previously suspended Blockchain Global’s 2017 IPO bids and rejected financial services licenses, citing governance concerns.
ASIC launched a formal investigation into the collapse of the exchange in January 2024. A few weeks later, federal court Provisional travel restrictions have been imposed In Guo.
When they expired on August 20th, he left the country on September 23rd and did not return.
Same story, different exchanges
In an October 2023 report to ASIC and creditors, Andrew Yeo, liquidator of Pitcher Partners, discovered that the customer fund was conspiring with the company’s money and being redirected to related entities, as quoted by ABC News.
This is reminiscent of the previous misuse of customer funds for Global Exchange FTX, which has been said to have been bypassed by the associated trading company Alameda Research without the consent of the user.
Guo told liquidators that blockchain global Crypto Holdings’ wallet qualification, worth millions of dollars, was lost when a laptop was stolen in China in 2019.
Same as the first one It has been reported December 2021 Sydney Morning HeraldNo police reports have been filed to demonstrate the claim.
Other directors of Blockchain Global, Xue “Sam” Lee and Zijang “Ryan” Xu, are also under investigation by ASIC.
The probe began on the same month, Lee was indicted US authorities are allegedly implementing a $1.89 billion Ponzi scheme under hypertech umbrellas, including HyperFunds and Hyperverse.
US prosecutors are accused of fraud against Lee of sealed criminals and fraudulent securities, accusing him of promoting fake investment platforms with false promises of crypto mining returns.
SEC is also A civil complaint was filed The same day against Lee and promoter Brenda Bitcoin Beauty Chongga later pleaded guilty to conspiracy to commit securities and wire fraud.
edit Sebastian Sinclair
Discover more from Earlybirds Invest
Subscribe to get the latest posts sent to your email.
