Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Briefly
- Asic has filed civilian charges against former Blockchain Global director Liang Guo for allegedly abusing ACX funds of more than $ 20 million.
- The regulator investigation began in January 2024 after years of red flags, including stopping for 2017 and a liquidators report in October 2023.
- The director of the company Sam Lee was charged in the US in the same month for the allegedly guided Ponzi scheme in the amount of $ 1.89 billion related to Hyperfund and Hyperverse.
Former director of the demolished Australian crypto exchange of ACX.IO is confronted with the Civil Court’s procedure over what regulators claim that serious violations are related to the disappearance of millions of user funds.
Wednesday, Australian Securities Commission announced procedure Against Lianga “Allan” Guo, accusing him of misuse of user’s means, he fails to keep the appropriate financial records and make misconceptions while he was director at Blockchain Global Ltd.
The company has now managed ACX Exchange, which has frozen with a retreat at the end of 2019 and eventually left over $ 20 million in claims from former customers.
The lawsuit is the pinnacle of years of investigation by one of the earliest and most prominent failures in the exchange of cryptocurrencies in Australia.
Liquidators estimate that ACX owners owe at least $ 22.7 million of the total debt of the company in the amount of $ 58.6 million to unprotected creditors.
The regulator has previously stopped IPO Blockchain Global 2017 IPO offer and refused it with financial services licenses, stating the concern for management.
Asic launched his formal investigation into the collapse of exchange in January 2024 weeks later, federal court Persistent Process Travel Restrictions imposed on the guo.
When they expired on August 20, he left the country on September 23 and did not return.
Same story, different exchange
In a report of Asic and creditors from October 2023, the liquidator Andrew Yeo of the partner’s casting was discovered that the funds for customers were related to the company’s money and diverted to related entities, according to ABC News.
This is reminiscent of the abuse of user funds of the former Global Exchange FTX, where billions are allegedly diverted to the associated trading company, Alameda Research, without the consent of the user.
Guo told the liquidators that Crypto Holdings Blockchain Global, worth a few million dollars, was lost when he was stolen in China by a laptop in 2019.
As the first reported In December 2021. Sydney Morning HeraldA police report has never been filed to confirm the lawsuit.
Other Blockchain Global directors, Xue “Sam” Lee and Zijang “Ryan” Xu are also under investigation by Asic.
The same month’s probe started, Lee was charged The USA authorities allegedly launched a $ 1.89 billion in Ponzi’s scheme under a hypertechnical umbrella, which included Hyperfund and Hyperverse.
US prosecutors were unloaded with criminal wire fraud and accusations of fraud of securities against Lee, accusing him of promoting false investment platforms with false promises of the return of cryptocurrency.
Sec too filed a civil appeal On the same day against Lee and the promoter of “Bitcoin Beautee” branda, who later declared himself guilty of conspiracy for committing securities and wire frauds.
Edited Sebastian Sinclair
Daily review Bulletin
Start every day with top news, plus original features, podcast, videos and more.
