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ASIC launched a formal investigation on the Australian Securities (ASX) after the collapse of $ 164 million his blockchain -based chess project.
The probe will explore the Asx Group Administration, Risk Management and Operational Management. A panel of independent experts was named to conduct an investigation, and the findings were expected at the beginning of 2026.
The question started after the project failure of the Blockchain project
Commission for Australian Securities and Investments (ASIC) notified In a press release, creating an internal frame in ASX.
This comes after the collapse of the years of long -term efforts ASX to modernize its chess platform with blockchain technology, a move that eventually resulted in a loss of $ 250 million.
According to the announcement, the investigation will focus on evaluating how ASX controls its strategic initiatives, controls operating risks and ensures adequate abilities across its leaders and technology teams.
In particular, ASIC named Rob Whitfield as chairman of the three -member panel along with Christine Holman and Guy Debelle ..
Whitfield is a former Executive Director of Westpac and currently serves as an inefficient director of Commonwealth Bank and Transburban. He also held higher roles at the new South Wales box office.
Holman brings 35 years of experience in media, infrastructure and investment sectors and holds the councilors roles in AGL and Collins Foods.
Meanwhile, Debelle is, among other things, former Deputy Governor RBA and currently presides funds.
Until March 31, 2026, the panel is expected to submit its findings of Asic. The final report will be published and will take further steps of ASIC in solving any problems listed in the ASX group.
Asx Blockchain collapse sparks wider control over market infrastructure management
The ASX blockchain failure has raised wider questions about the management of the main financial infrastructure providers. Once ASX has been considered a potential global model to integrate blockchain on the ASX exchanges, the ASX project became a warning story.
This probe is not isolated in ASIC that follows the eyes on the ASX operation. In August 2024, Asic sued asx For the alleged market introduction of its unsuccessful blockchain chess project.
The purpose of the program of the replacement of chess was to modernize the Australian market infrastructure, but it led to its abolition technical shortcomings, poor project management and regulatory concerns.
The failure caused both ASIC control and reserve Bank of Australia (RBA), which has led to concern for the ability of ASX to manage critical infrastructure.
ASIC claimed that ASX falsely stated that the system was good on the way at the beginning of 2022, despite the delay. After seven years of delay and exceeding the costs in November 2022, the company admitted failures.
Accenture’s independent review later revealed significant scalability challenges, led to the cancellation of the project and a financial loss of $ 250 million.
By May 2023, ASX announced that it had officially left the project.
Asic chairman Joe Longo said the ASX action had undermined confidence and caused extensive market consequences. “We believe it was a collective failure of the ASX Council and executives,” he said, emphasizing the damage to investors who relyed on the company’s public demands.
In particular, ASX also paid $ 1,050,000 penalty Last March for separate issues of compliance with regulations on the rules of market integrity.
Contribution ASIC ASX goal: 164 million $ BLOCKCHAIN DISASTER SPARKS Expert Panel Probe He appeared for the first time Cryptonews.
