ASIC Sues Blockchain Executive Over Disappearance of $20M

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When $20 Million Vanishes: The Great Blockchain Heist! 💸🕵️‍♂️

  • Liang Guo faces a $20M ASIC fraudulent charge in the ACX Exchange collapse.
  • Guo was accused of misusing funds and falsifying financial records.
  • Blockchain Global owes $58M, including $20M to ACX customers.

In a tale that could make even the most seasoned con artist blush, ASIC has decided to take a swing at Liang Guo, the former big cheese at Blockchain Global. Why, you ask? Well, it seems our friend Guo has a knack for making $20 million disappear faster than a magician at a children’s party. 🎩✨

On May 28, 2025, the legal eagles swooped in, charging Guo with misusing customer funds like a kid in a candy store. The lawsuit claims he was about as responsible with client money as a raccoon in a dumpster—keeping records that would make a kindergarten teacher weep and issuing statements that could only be described as “creative.”

From 2016 to 2019, Blockchain Global was the proud parent of ACX, a platform where users could buy, sell, and store cryptocurrency. But by late 2019, customers found themselves in a pickle, unable to withdraw their hard-earned cash. The exchange was shut down faster than you can say “liquidation,” leaving behind a trail of $20 million owed to former customers and a whopping $58 million in total debt. Talk about a financial hangover! 🍹💸

ASIC claims Guo was playing fast and loose with customer money, moving it around like it was Monopoly cash. According to the regulators, he broke the Corporations Act, which is basically the rulebook for financial conduct in Australia. Guo’s alleged mischief included mismanaging funds, making dubious statements, and keeping records that would make a detective roll their eyes.

Investigation Reveals Financial Irregularities

In January 2024, ASIC decided to take a closer look at Blockchain Global after liquidators raised the alarm. Their report, released in November 2023, revealed that Guo had mixed customer funds with his own like a bad cocktail. He even transferred $1.69 million from an account meant for ACX investors into his own pocket. And if that wasn’t enough, he also moved 21.11 Bitcoin—worth about $1.3 million—into a wallet that he could access. Talk about a digital gold rush! 💰

Guo claimed that the wallet information for the company’s crypto stash, valued at over $100 million, went missing after his laptop was “stolen” in China in 2019. But without a police report to back up this tall tale, folks are raising their eyebrows. The liquidators’ report led ASIC to put a travel ban on Guo, blocking his passport in February 2024. But lo and behold, after August 20, 2024, he slipped out of the country on September 23, 2024, like a thief in the night. 🏃‍♂️💨

The ACX Exchange debacle was one of Australia’s first major crypto exchange failures. With Blockchain Global liquidated in February 2022, thousands of customers were left high and dry, unable to access their funds. This fiasco has drawn comparisons to other infamous crypto frauds, like the FTX scandal, where customer funds were treated like a piñata at a birthday party. 🎉

And let’s not forget about Samuel Xue Lee and Zijang Ryan Xu, the other directors of Blockchain Global, who are also under ASIC’s watchful eye. The regulators are determined to make Guo pay for the financial mess he created for ACX Exchange users. It’s a wild world out there in the crypto jungle! 🌍💼

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2025-05-28 22:46