ASIC Sues Former Blockchain Global Exec Over $20M in Unpaid Customer Claims
A former director of the collapsed Australian crypto exchange ACX.io, Liang “Allan” Guo, faces civil court action from the Australian Securities and Investments Commission (ASIC) for alleged serious breaches regarding the loss of millions in customer funds. ASIC accuses Guo of misusing user funds, failing to maintain proper financial records, and making misleading statements during his tenure at Blockchain Global Ltd., which operated ACX. The exchange froze withdrawals in late 2019, leaving over $20 million in claims from customers. Liquidators estimate ACX owes users at least $22.7 million of a total debt of $58.6 million. Guo left Australia after interim travel restrictions expired and claimed that wallet credentials for millions in crypto were lost due to a stolen laptop, a claim lacking police report verification. Other directors, Xue “Sam” Lee and Zijang “Ryan” Xu, are also under investigation, with Lee facing U.S. charges for allegedly running a $1.89 billion Ponzi scheme.
