- 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 $58Mf, including $20M to ACX customers.
ASIC has filed legal action against Liang Guo, a past director of Blockchain Global, because of his involvement in the fall of the ACX Exchange. Guo was charged in a civil lawsuit on May 28, 2025, for misusing more than $20 million from customers. The lawsuit claims that Guo was irresponsible because he abused client funds, kept inaccurate records, and issued dishonest statements while working at the company.
Over the course of three years, beginning in 2016 and ending in December 2019, Blockchain Global oversaw ACX. The site lets users purchase, sell, and store cryptocurrency. By late 2019, customers started encountering problems withdrawing their money, which is why the exchange was shut down. Later, liquidators said that the company still owes $20 million to former ACX Exchange customers as part of a larger unpaid debt to unsecured creditors worth $58 million.
According to ASIC, Guo moved customer money for his own benefit and gave assets to related companies. According to the regulator, Guo’s actions went against the Corporations Act, which lays out strict rules for financial conduct in Australia. The allegations involve Guo’s actions with customer funds, the statements he made about them, and his failure to properly keep records, ASIC said in its release.
Investigation Reveals Financial Irregularities
In January 2024, ASIC began its review of Blockchain Global after liquidators submitted a report about concerns. According to the report, which was released in November 2023, the company combined customer funds with its own money and moved the money inappropriately. It has been reported by the liquidators that Guo transferred $1.69 million from an account that was intended for ACX investors into his own personal funds. In addition, he transferred 21.11 Bitcoin, worth roughly $1.3 million, to a wallet he has personal access to.
He said that wallet information for the company’s crypto holdings, valued at over $100 million, went missing after his laptop was stolen in China in 2019. Still, because there was no police report to backup this story, people are questioning its truth. The liquidators’ report led ASIC to prevent Guo from traveling outside Australia by blocking his passport in February 2024. After August 20, 2024, the travel ban no longer applied, and Guo left the country on September 23, 2024, without planning to come back.
The failure of ACX Exchange was one of the nation’s first major cases of a crypto exchange shutting down. Because Blockchain Global was liquidated in February 2022, thousands of customers were unable to access their funds. This case has been compared to other well-known crypto frauds, such as the issues at FTX, in which customers’ funds were misused. You can read more about global crypto regulations through The Australian Financial Review.
Samuel Xue Lee and Zijang Ryan Xu, both of whom are directors of Blockchain Global, are also being probed by the Australian Securities and Investments Commission (ASIC) and are cited in the case. The regulator is trying to make Guo pay for the financial losses caused to ACX Exchange users.
The post ASIC Sues Blockchain Executive Over Disappearance of $20M appeared first on Live Bitcoin News.
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