Particle.news
Download on the App Store
4 ARTICLES
·
2d ago

ASIC Launches Civil Action Against Former Blockchain Global Director for ACX Collapse

It follows a liquidator report finding that ACX co-mingled user assets, leaving over A$58 million in creditor claims.

law legal ASIC Australia Australian Securities and Investments Commission
Image

Overview

  • The Australian Securities and Investments Commission initiated civil penalty proceedings in federal court on May 28, 2025 against Liang ‘Allan’ Guo.
  • ASIC alleges Guo breached his director duties by misusing ACX customer funds and failing to keep proper financial records.
  • ACX Exchange froze withdrawals in late 2019, resulting in more than $20 million in unpaid customer claims.
  • Guo departed Australia on September 23, 2024 after interim travel restraints expired and has not returned to face the charges.
  • Former co-directors Xue ‘Sam’ Lee and Zijang ‘Ryan’ Xu remain under ASIC investigation, with Lee facing U.S. charges over a $1.89 billion alleged Ponzi scheme.