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Former ACX exchange director sued after losing nearly 15 million USD of users' funds
The Australian Securities and Investments Commission (ASIC) has filed a civil suit against Allan Guo, the former director of the ACX exchange operated by Blockchain Global, for breaching management duties. The ACX exchange collapsed in 2019 and still owes over 22.7 million AUD ( nearly 15 million USD) of users’ funds.
ASIC accused Guo of mismanaging client funds, maintaining a lack of transparency in bookkeeping, and concealing activities. Guo left Australia in September 2024 after the travel ban was lifted and has yet to return. Other directors of Blockchain Global are also under investigation.