Collapsed Australian crypto exchange ACX allegedly used customer funds to run business
2022/10/22 04:30
Blockchain Capital – which operated the ACX crypto exchange that collapsed last year – used customer deposits to fund another part of its business instead of keeping the money in reserve, according to a Sydney Morning Herald report on a court hearing that involved looking into the findings of the exchange's liquidators. Former Chief Technology Officer Jin Chen, who left the company in 2018 and is not accused of any wrongdoing, told liquidators he was instructed by Allan Guo, Blockchain Global's co-founder, to transfer bitcoin (BTC) from customer accounts to other parts of the business. The revelations were made to the Supreme Court of Victoria on Wednesday during the public liquidator’s examinations into the group. Investigations into the disappearance of millions of dollars deposited by customers are ongoing.
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