Australian regulator takes former Blockchain Global director to court

Odaily Planet Daily News The Australian Securities and Investments Commission (ASIC) has filed a civil lawsuit against Allan Guo, a former director of Blockchain Global, accusing him of violating his director's duties. Specifically: 1. Illegal handling of ACX exchange customer funds; 2. Making false statements about the flow of funds; 3. Failure to properly keep financial records. The ACX exchange collapsed in December 2019, and the liquidator's investigation showed that the company owed unsecured creditors A$58.6 million (about US$37.7 million), of which A$22.7 million (about US$14.6 million) was exchange customer funds. ASIC said Guo left the country after the travel ban expired in September 2024. The agency is appealing in another case, seeking to overturn the lower court's favorable ruling on the crypto company Block Earner. (Cointelegraph)