Bitrabo Editorial
Have criminals in the crypto world infiltrated local governments in Asia? Recent revelations suggest they might have, particularly highlighting a connection between a former Philippine mayor and a scam network.
This raises alarms regarding the increasing presence of cryptocurrency fraudulent schemes in Southeast Asia and Hong Kong, potentially gaining influence over regional local governments.
New findings indicate that former Philippine mayor Alice Guo is linked to the operators of Atom Asset Exchange, a crypto platform that shut its doors after misappropriating millions from its users.
The lack of robust regulations in the Asian cryptocurrency markets is being exploited by scammers who target novice traders, capitalizing on their limited understanding of this complex landscape.
Former Mayor Linked to Crypto Exchange That Stole Millions From Users
Former Philippine mayor Alice Guo has been identified as connected to the defunct Atom Asset Exchange (AAX), which defrauded users of millions in crypto in 2022. Guo has a prior record linked to human trafficking and illegal… pic.twitter.com/sYKA1q42Gk
— VERITAS PROTOCOL (@veritas_web3) October 14, 2024
Connection Between Guo and Crypto Scammers
Evidence reveals that Huang Zhiyang, a business partner of Guo in the Baofu company, has affiliations with the fraudulent Sun Valley Clark Hub Corporation.
As reported by Rappler, the Sun Valley Clark Hub owners are linked to a network of illegal enterprises across Southeast Asia and Hong Kong, including the now-defunct Atom Asset Exchange, notorious for swindling millions from its clients in 2022.
This connection raises important questions about the integrity of local governance in the Philippines, emphasizing the need for increased transparency and accountability among public officials.
AAX Crypto Firm Misappropriates $30 Million
Reports indicate that Atom Asset Exchange wrongfully used approximately $30 million of its customers’ funds.
Investigators believe Su orchestrated the misappropriation of user funds. Reports link him to Guo and her network engaged in illicit activities.
Guo Faces Serious Legal Issues
Guo and several associates are now confronted with multiple allegations regarding human trafficking and money laundering tied to their involvement in illegal gambling operations in the Philippines.
Lawmakers are also investigating her citizenship status after finding her fingerprints match those of a Chinese citizen, Guo Hua Ping, leading some legislators to suspect espionage activities.
Guo has denied all allegations, insisting on her innocence. However, her connections to the Atom Asset Exchange may intensify scrutiny regarding her involvement in organized crime in the Philippines.
Featured image from tarlakenyo, chart from TradingView