Australian regulators have taken legal action against former directors of Blockchain Global

ChainCatcher news, according to Cointelegraph, the Australian Securities and Investments Commission (ASIC) has filed a civil lawsuit against Allan Guo, former director of Blockchain Global, accusing him of breaching his duties as a director. The specific allegations include:

1. Improper handling of customer funds at ACX exchange;
2. Making false statements regarding the flow of funds;
3. Failing to properly maintain financial records.

The ACX exchange collapsed in December 2019, and liquidator investigations revealed that the company owed unsecured creditors AUD 58.6 million (approximately USD 37.7 million), of which AUD 22.7 million (approximately USD 14.6 million) was customer funds. ASIC stated that Guo left the country after the travel restriction order expired in September 2024. The agency is also appealing in another case, seeking to overturn a lower court's favorable ruling for the cryptocurrency company Block Earner.