ASIC Sues Former Blockchain Global Director Over Alleged Misconduct

The Australian Securities and Investment Commission (ASIC) has initiated civil proceedings against Liang Guo, former director of Blockchain Global, alleging misuse of customer funds exceeding $20 million. The lawsuit revolves around alleged breaches of duties while serving as director at Blockchain Global Ltd., with ASIC accusing Guo of misusing ACX customer funds and failing to maintain accurate financial records. Blockchain Global’s collapse in 2019 also triggered a probe by ASIC, highlighting the severity of the cryptocurrency exchange’s failure.