Crypto Scandal Erupts: Ex-Philippine Mayor Implicated In $30 Million Fraud And Laundering

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As a seasoned crypto investor who has navigated through the digital jungle for over a decade now, I must say that the recent revelations about the connection between the former mayor of the Philippines, Alice Guo, and the crypto scam group operating in Asia is a grim reminder of the darker side of this fascinating world.

Is it possible that crypto scammers have influenced the administration within Asian governments? This question appears to be answered affirmatively, given that reports connect a previous Philippine mayor to a criminal organization involved in cryptocurrency fraud across Asia.

This is an indicator of the growing concern about crypto scam rings in Southeast Asia and Hong Kong, which might have gained a foothold in some local governments in the region.

Newly disclosed details show that former mayor Alice Guo of a Philippine town is linked to the managers of Atom Asset Exchange, a defunct cryptocurrency company, which collapsed following its mismanagement and depletion of tens of millions of investor’s funds.

In Asian markets, where cryptocurrency regulations are relatively light, unscrupulous individuals are taking advantage of inexperienced traders by using deceptive tactics within the complex and evolving nature of the crypto market.

Former Mayor Linked to Crypto Exchange That Stole Millions From Users

It’s been reported that the former mayor of the Philippines, Alice Guo, is associated with the now-defunct Atom Asset Exchange (AAX). This platform allegedly swindled millions worth of cryptocurrency from its users in the year 2022. Guo, who had previous involvement in human trafficking and illegal activities, was implicated in these matters.

— VERITAS PROTOCOL (@veritas_web3) October 14, 2024

Guo-Crypto Scammers Linkage

As a crypto investor, I initially learned that Huang Zhiyang, a fellow business partner of Guo within the Baofu enterprise, seems to have some questionable connections with the fake Sun Valley Clark Hub Corporation.

Based on Rappler’s report, it appears that the proprietors of Sun Valley Clark Hub have a reputation for overseeing an extensive network of illegal operations not just in Southeast Asia but also in Hong Kong. Among these illicit activities was the Atom Asset Exchange, a platform which allegedly swindled millions of dollars from cryptocurrency holders in 2022.

Establishing this link significantly enriched the community-level administration in the Philippines, underscoring the importance of increased openness and responsibility among public officials.

AAX Crypto Provider Misuses $30 Million Customer Money

It’s been revealed that Atom Asset Exchange is accused of taking funds belonging to its users, estimated to be approximately $30 million.

Crypto Scandal Erupts: Ex-Philippine Mayor Implicated In $30 Million Fraud And Laundering

In 2019, a cryptocurrency service provider based in Hong Kong was founded by Su Weiyi. This digital asset platform has amassed over 2 million users and, at one point, ranked among the top 20 crypto exchanges in the market.

Detective’s believe Su was the orchestrator behind the theft of client assets. The evidence available links him to the illicit organization controlled by Guo and her accomplices.

Guo Faces Multiple Charges

Due to accusations of their involvement in illegal gambling activities in the Philippines, Guo, along with a group of people, currently stands accused of crimes related to human trafficking and money laundering.

Philippine lawmakers are raising doubts about her citizenship, as her fingerprints were found to be identical to those of a Chinese citizen called Guo Hua Ping. Some politicians even speculate that she might be operating under Chinese intelligence.

Go denied each of these accusations, insisting on her innocence regarding those offenses. Yet, her relationship with the managers of the Atom Asset Exchange might serve to strengthen suspicions about her part in Filipino criminal organizations.

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2024-10-16 05:12