According to PANews, the Australian Securities and Investments Commission (ASIC) has initiated a civil lawsuit against Allan Guo, a former director of Blockchain Global. The allegations include breaches of director duties, specifically mishandling client funds from the ACX exchange, making false statements regarding fund flows, and failing to maintain proper financial records.
The ACX exchange collapsed in December 2019, and subsequent investigations revealed that the company owed unsecured creditors AUD 58.6 million (approximately USD 37.7 million), with AUD 22.7 million (around USD 14.6 million) attributed to exchange client funds. ASIC reported that Guo left the country after his travel restrictions expired in September 2024 and has not returned.
In a related matter, ASIC is appealing a lower court's favorable ruling for the cryptocurrency company Block Earner, seeking to overturn the decision.