Penalty proceedings have been initiated against Liang (Allan) Guo, a former director of the failed cryptocurrency exchange firm Blockchain Global, by Australia's corporate regulator. It alleged multiple breaches of duties.
The allegations by the Australian Securities and Investments Commission in the federal court are in relation to the Guo's involvement in Blockchain Global's operation of a cryptocurrency exchange platform, ACX Exchange. The exchange collapsed around 2019 when customers began being unable to withdraw funds or cryptocurrency from their accounts.
According to Reuters, the allegations are related to Guo's dealings with ACX Exchange customer funds, statements made about those dealings and obligations to keep proper books and records.
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Following a receipt of a report from the firm's liquidators, the regulator started an investigation into the firm in January 2024, which said that Blockchain Global owed around A$58 million ($37.3 million) to unsecured creditors as of October 2, 2023.
Stablecoin giant Circle targets $6.7 billion valuation in US IPO
On Tuesday, the Circle Internet said that it was targeting a valuation of up to $6.71 billion on a fully diluted basis in its U.S. initial public offering as the stablecoin giant looks to tap into growing optimism around cryptocurrency.
Some existing investors and New York-based Circle are looking into raising up to $624 million by offering 24 million shares priced between $24 and $26 apiece.
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The U.S. administration has embraced cryptocurrencies and promised a more "rational" approach to digital asset regulations, encouraging companies from the industry to go public.
Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs, said that, "The outlook for crypto IPOs is better than at any point in the past 3 years or so."
Progress in trade talks between the U.S. and its top trading partners has also injected life into the IPO market, prompting companies to go ahead with their stock market launches as tariff-driven turbulence has eased.
Russian national arrested in South Korea for attempted crypto robbery
Three Russian nationals have been arrested by the South Korean authorities for allegedly attempting to rob during a fake crypto deal in Seoul. The suspects are reportedly said to have lured Korean investors to a hotel, where they tried to steal 1 billion won (approximately $730,000) in cash.
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According to a report by local news outlet JoongAng Daily, on May 27, the Gangseo Police Precinct in Seoul detained a man in his 20s in Busan. The suspect faces charges of assault and attempted robbery. The other two suspects reportedly fled South Korea shortly after the incident.
According to Cointelegraph, as per the investigators, this robbery attempt occurred on May 21 at a hotel in Seoul's Gangseo District. The suspects posed as participants in a peer-to-peer crypto transaction and invited 10 Korean men to the hotel.
