The previous director of a defunct Australian cryptocurrency firm, who stays within the nation whereas his associates have fled, has petitioned the courtroom for the return of his passport, claiming insolvency. Nevertheless, amidst allegations of misconduct and the agency’s substantial money owed, his request has been denied.
Liang “Allan” Guo, the only real remaining director of the failed Blockchain International, appeared earlier than the Federal Courtroom in Hobart, arguing that journey restrictions imposed on him, together with the confiscation of his Chinese language passport, have been pointless. Guo’s authorized group cited an ongoing investigation by the Australian Securities & Investments Fee (ASIC) into his position within the firm’s collapse as the rationale for the journey restrictions to be lifted.
Regardless of his look in courtroom, Guo declined to touch upon the matter.
Federal Courtroom Decide Catherine Button dominated towards Guo’s request, imposing a ban on his departure from Australia for six months. The choice comes amidst ASIC’s accusations that Guo retained 23.11 bitcoins, valued at roughly $1.8 million, which belonged to Blockchain International. These bitcoins have been allegedly transferred right into a cryptocurrency pockets managed by Guo in December 2019.
The collapse of Blockchain International has left traders reeling, with the corporate owing punters a staggering $58 million. Guo’s try to regain his passport underscores the complexities surrounding the aftermath of the agency’s downfall and the authorized battles which have ensued.
Blockchain International’s demise has drawn consideration to the unstable nature of the cryptocurrency market and the dangers related to investing in such ventures. As regulators grapple with the challenges posed by the burgeoning crypto trade, instances like Guo’s function cautionary tales for traders and underscore the necessity for strong oversight.
Whereas Guo’s bid to reclaim his passport has been thwarted, the investigation into his alleged misconduct and the broader implications of Blockchain International’s collapse proceed to unfold. As stakeholders await additional developments, the case stays a focus within the ongoing dialogue surrounding cryptocurrency regulation and investor safety.
