Ex-Director’s Wild Ride: ASIC Takes on Blockchain Global’s Guo!

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Oh, what a jolly pickle we have here! The Australian Securities and Investments Commission (ASIC) has decided to throw a grand party, and guess who’s the guest of dishonor? None other than Mr. Liang “Allan” Guo, the former director of Blockchain Global! 🎉

According to ASIC’s latest gossip, Mr. Guo has been up to some rather naughty business, allegedly breaching his directors’ duties like a child sneaking cookies from the jar! 🍪 The official filing, dated May 28, reveals that our dear Mr. Guo was playing with ACX Exchange customer funds as if they were his own pocket money!

But wait, there’s more! The regulator claims he spun a web of false and misleading statements about these transactions, all while keeping financial records as accurate as a toddler’s drawing! 🎨

Now, let’s take a trip down memory lane! ACX Exchange opened its doors in 2016, only to slam them shut in December 2019. Blockchain Global, the proud owner of this cryptocurrency circus, had its three-ring show running for over three years before the curtains fell. 🎪

During this grand finale, users found themselves unable to withdraw their hard-earned funds. Oh dear! The liquidators of Blockchain Global have reported that former exchange users are owed a whopping 20 million Australian dollars, which is about $12.8 million in unsecured creditor claims. Talk about a disappearing act! 🎩✨

Blockchain Global’s Investigations

After the curtain call, liquidators were appointed on February 11, 2022, to investigate the shenanigans surrounding Mr. Guo and the grand shutdown of both companies. Rumor has it that Guo even used funds from the exchange to pay off his mortgage! Now that’s what I call a “house of cards!” 🏠

Fast forward to November 2023, and the liquidators revealed that Blockchain Global owed unsecured creditors a staggering 58.6 million Australian dollars ($37.7 million). Out of this, a delightful 22.7 million Australian dollars ($14.6 million) was claimed by former customers of the cryptocurrency exchange. What a lovely surprise! 🎁

As if that wasn’t enough, authorities slapped a travel ban on Guo while they investigated his potential criminal escapades. ASIC kicked off its investigation in January 2024, and the travel restrictions expired in September 2024. Guess what? Guo was finally allowed to leave Australia and hasn’t been seen since! 🏃‍♂️💨

In a twist of fate, the Australian government recently announced its commitment to embracing cryptocurrency with a shiny new regulatory framework. This framework aims to foster innovation in the crypto sector while ensuring robust protections for users. Who knew the crypto world could be so… exciting? 💰

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2025-05-28 17:27