Crypto Exec in Hot Water! 🇦🇺 Facing Court After Exchange Collapse
Big news out of Australia! Liang “Allan” Guo, a former bigwig at Blockchain Global, is facing some serious heat from regulators. 💥 They're alleging he broke his director duties while running the ACX Exchange, which tanked back in 2019, leaving customers unable to withdraw their funds.
Apparently, there are claims he made misleading statements and didn't keep proper records. Liquidators estimate a whopping $12.8 million is owed to former ACX Exchange users! 😱
ASIC started digging into this in January and even tried to stop Guo from leaving the country, suspecting he might have used exchange funds for personal expenses, like his mortgage. But he bounced in September 2024 and hasn't been back since. 👀
Meanwhile, ASIC is also battling it out in court with another fintech firm, Block Earner, over crypto yield services. ⚖️
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