Have crypto scammers infiltrated local government in Asia? The answer appears to be yes, as information has emerged linking a former Philippine mayor to a cryptocurrency scam group operating in Asia.
This is an indication of growing concern about cryptocurrency scam rings in Southeast Asia and Hong Kong, which may have gained a foothold in some local governments in the region.
Recent information revealed a connection Filipina city mayor Alice Guo sacked To the operators of Atom Asset Exchange, a cryptocurrency institution that was shut down after dissipating millions of customer funds.
The limited regulations imposed on cryptocurrencies in Asian markets are exploited by cryptocurrency scammers who prey on inexperienced traders who have little knowledge in navigating this complex market.
A former mayor linked to a cryptocurrency exchange that stole millions from users
Former Philippines Mayor Alice Guo has been linked to the defunct Atom Asset Exchange (AAX), which stole millions in cryptocurrency from users in 2022. Guo, who was previously involved in human trafficking and illegal businesses… pic.twitter.com/sYKA1q42Gk
– Truth Protocol (@veritas_web3) October 14, 2024
Guo-Crypto Scammers Link
Initial information showed that Huang Zhiyang, a business partner of Guo in Baofu Enterprise, had business relations with the fictitious Sun Valley Clark Hub Corporation.
according to RapperThe owners of Sun Valley Clark Hub are also known to be running a string of illegal activities across Southeast Asia and Hong Kong. One such company is the now-defunct Atom Asset Exchange which stole millions of dollars from cryptocurrency holders in 2022.
This connection added another dimension to local government in the Philippines, emphasizing the need for greater transparency and accountability in those holding public office.
Crypto provider AAX misuses $30 million worth of customer funds
Reports revealed that Atom Asset Exchange embezzled its users’ funds amounting to about $30 million.
As of today, the market cap of cryptocurrencies stood at $2.25 trillion. Chart: TradingView.com
The Hong Kong-based crypto asset provider was founded by Su Weiyi in 2019. With over 2 million users, the digital asset provider was on the list of top 20 cryptocurrency exchanges in the market.
Investigators suspect Su of masterminding the theft of customers’ money. The available information links him to the network of illegal operations run by Gu and her associates.
Guo faces multiple charges
Guo, along with several individuals, now faces multiple human trafficking and money laundering charges over their alleged participation Illegal gambling operations In the Philippines.
Philippine lawmakers are also questioning her Filipino citizenship after her fingerprints matched those of a Chinese national named Guo Hua Ping, with some lawmakers suspecting her of being a Chinese spy.
Guo refuted all these accusations, affirming her innocence of committing these crimes. However, its relationship with the operators of the Atom Asset Exchange could prove its involvement in organized crime in the Philippines.
Featured image by Tarlaquinho, chart from TradingView