Former Blockchain Global Director Sued Over ACX Exchange Collapse

By Mark Hunter

4 hours agoMon Jun 02 2025 10:30:23

Reading Time: 2 minutes

• Australian regulators have launched a civil suit against Allan Guo over alleged misuse of customer funds at the failed ACX crypto exchange
• The Australian Securities and Investments Commission (ASIC) claims Guo funneled millions from ACX accounts into private wallets and personal investments
• Guo left Australia last September and hasn’t returned, according to ASIC filings

The Australian Securities and Investments Commission (ASIC) is suing former Blockchain Global director Liang “Allan” Guo, accusing him of breaching corporate duties and misappropriating customer assets tied to the now-defunct ACX crypto exchange . Guo, who quietly left Australia in late 2024, is at the center of a scandal that left investors millions out of pocket and sparked renewed calls for tighter oversight of crypto platforms. ACX collapsed in 2019 with a $58 million hole in its accounts, almost half of which was customer funds.

$58 Million in the Red

At its peak, ACX was one of Australia’s better-known crypto trading platforms, operating under the banner of Blockchain Global. But by late 2019, the wheels had come off; customers found themselves locked out of accounts, unable to access funds. The platform shut down, and when liquidators moved in, they found a hole of over $58 million in the company’s accounts, with more than $22 million tied directly to customer deposits. The directors were swiftly reported to ASIC by the liquidators.

ASIC alleges that Guo moved some of those funds—including around $1.7 million and over 21 Bitcoin—into wallets and ventures he personally controlled. The watchdog claims he misled investors and failed to maintain proper records, but Guo reportedly told investigators that the keys to critical wallets were lost after a laptop was stolen in China. No police report was ever filed.

Guo-ne But Not Forgotten

Initially barred from leaving the country during ASIC’s probe, Guo’s travel ban expired in August 2024. He left the country a month later, and ASIC says he hasn’t come back, a situation that is unlikely to change anytime soon. ACX’s collapse — and Guo’s alleged actions — have come to symbolize the worst-case scenario for Australian crypto investors navigating a largely unregulated industry. As one former ACX user posted bitterly online, “It wasn’t just money we lost. It was trust.”

The regulator’s suit, filed in the Federal Court, seeks to hold Guo accountable, but it’s unclear whether he will face any immediate consequences, short of an international arrest warrant being issued.