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ASIC Sues Former ACX Director Over $20M Misused Crypto Funds
HomeNews* ASIC has filed civil charges against former Blockchain Global director Liang Guo over the alleged misuse of over $20 million in customer funds from crypto exchange ACX.io.
The regulator’s investigation began in January 2024. This followed earlier red flags, such as a 2017 stop order on Blockchain Global’s planned IPO and the denial of a financial services license over governance issues. In October 2023, a liquidator’s report highlighted that user funds had been mingled with company money and redirected to related entities. Guo told liquidators that wallet credentials for crypto holdings worth several million dollars were lost when his laptop was stolen in China in 2019. According to Bitcoin-millions-20211130-p59df6.html”>The Sydney Morning Herald, there was no police report to confirm the claim.
Meanwhile, ASIC placed interim travel restrictions on Guo, which expired in August 2024. He left Australia in late September and has yet to return. Other directors, including Xue “Sam” Lee and Zijang “Ryan” Xu, also remain under investigation by ASIC.
In the same month the ASIC probe began, U.S. authorities charged Lee with running a $1.89 billion Ponzi scheme through entities such as HyperFund and HyperVerse. The SEC also filed a civil complaint on the same day against Lee and Brenda “Bitcoin Beautee” Chunga. Chunga later pleaded guilty to conspiracy to commit securities and wire fraud.
The collapse of ACX and the ongoing legal actions highlight regulatory and governance challenges in crypto exchanges, drawing comparisons to other high-profile cases such as FTX.
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