Search
Search
Blockchain Exchange Collapses: Over $50 Million Debt

Over $50 Million in Debt as Blockchain Global’s Cryptocurrency Exchange Collapses

0
0

143 Listen to this article The liquidator overseeing the insolvency of ACX.Io, a subsidiary of Blockchain Global and considered one […]

Latest News

Listen to this article

The liquidator overseeing the insolvency of ACX.Io, a subsidiary of Blockchain Global and considered one of Australia’s early cryptocurrency exchanges, has raised worries about capability breaches of the Corporations Act concerning one former and two present day directors. The Australian Securities and Investments Commission (ASIC) has indicated that it’s going to take action if enough evidence is located.

The fall apart of ACX.Io, a cryptocurrency buying and selling platform released in 2016, has led to over $50 million in wonderful money owed to creditors. Some traders have expressed dissatisfaction with the regulatory response, believing it has not competently covered their pastimes.

ACX.Io allowed buyers to exchange digital currencies, but clients lost get admission to to their funds at the exchange in late 2019. Liquidator Andrew Yeo, from Pitcher Partners, turned into appointed to investigate the whereabouts of clients’ funds and digital belongings, as well as the enterprise affairs of Blockchain Global while it entered voluntary management in October 2021.

In his contemporary document to creditors, Yeo highlights capability misuse of clients’ finances. He has written to ASIC recommending an investigation into directors Sam Lee, Zijing ‘Ryan’ Xu, and former director Liang ‘Allan’ Guo for capability breaches of the Corporations Act.

Read Also:  Immutable Introduces $50M Initiative for Gaming on zkEVM Network

Yeo discovered that investor price range had been mixed with company funds and used for investments in different firms and personal expenses, which includes repaying domestic loans with out consumer knowledge. The business to start with operated as a crypto mining assignment, proving profitable in its early days.

Creditor claims are expected to surpass $50 million, with approximately half of these claims regarding character investors. It is predicted that extra claims will emerge in the future.

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Get Latest Updates

Latest News

Web Stories

Latest News

0
Would love your thoughts, please comment.x
()
x
Scroll to Top
Crypto Whale Splurges $10.4 Million on Meme Coin PEPE SOL Price Nearing Support as On-Chain Activity Dips for Solana Penguiana Meme Coin’s Presale Achieves Success, Raising 290 SOL Solana to Bitcoin Bridge, Zeus Network, Set for Debut in Q3 2024 DeFi Lending Leader Aave Unveils V4 Protocol Overhaul MicroStrategy (MSTR) Incurs Losses in Q1 After Digital Asset Impairment Takes Toll Upbit Emerges as Top Five Crypto Exchange, Posing Challenge to Binance, Coinbase Tether’s TON Blockchain Entry Reaches $60M: CEO Content SHIB News: 700M Tokens Burned, Shiba Inu Targets $0.00004 Polkadot Relay Chain Upgrade Plan and 10M DOT Prize Initiative TON Network Surpasses $140M TVL as Toncoin Price Skyrockets Bitcoin Falls Below $60,000 After Israel’s Strike on Iran Ragnarok Joins Web3 via Ronin and Gravity Collaboration Worldcoin Announces “Human Centric” Blockchain: World Chain Dubai Flood Spurs Blockchain Life 2024 Airdrop ZachXBT Reveals Frauds on Ethereum Layer-2 Networks Winklevoss Twins Invest $4.5M BTC in Bitcoin Soccer Club VeChain and UFC Unveil Tokenized Gloves Collaboration Web3 Credentials Platform Galxe Goes Live with Mainnet Launch El Salvador’s Newest Hilton Leverages Tokenized Bitcoin Debt