Crypto Scandal Erupts: Ex-Philippine Mayor Implicated In $30 Million Fraud


Have crypto fraudsters infiltrated the local government in Asia? It seems the answer is yes as information linking a former Philippine mayor to a crypto scam group operating in Asia surfaced.

This is an indicator of the growing concern about crypto scam rings in Southeast Asia and Hong Kong, which might have gained a foothold in some local governments in the region.

Recent information revealed the connection of dismissed Philippine town mayor Alice Guo to the operators of Atom Asset Exchange, a cryptocurrency enterprise that shut down after squandering millions of customer funds.

The limited regulations being imposed on the cryptocurrency in Asian markets are being exploited by crypto scammers preying on inexperienced traders who have little knowledge in navigating this intricate market.

Guo-Crypto Scammers Linkage

Initial information showed that Huang Zhiyang, a business associate of Guo in the Baofu enterprise, has business ties with the bogus Sun Valley Clark Hub Corporation.

According to Rappler, owners of the Sun Valley Clark Hub are also known to operate a nexus of illegal activities across Southeast Asia and Hong Kong. One of these is the now-defunct Atom Asset Exchange which stole millions of dollars from cryptocurrency holders in 2022.

This connection added another dimension to the local governance in the Philippines, stressing the need for more transparency and accountability in those in public office.

AAX Crypto Provider Misuses $30 Million Customer Money

Reports disclosed that Atom Asset Exchange misappropriated its user’s fund allegedly amounting to around $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 established by Su Weiyi in 2019. With more than 2 million users, the digital asset provider used to be on the list of the top 20 crypto exchanges in the market.

Investigators suspect Su masterminded the heist of customer funds. Available information connects him to the network of illegal operations run by Guo and her associates.

Guo Faces Multiple Charges

Guo, together with several individuals, is now facing several charges of human trafficking and money laundering because of their alleged participation in 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 legislators suspecting that she is a Chinese spy.

Guo refuted all these charges, maintaining her innocence from committing those crimes. However, her connection with the Atom Asset Exchange operators could further prove her involvement in organized crime in the Philippines.

Featured image from tarlakenyo, chart from TradingView





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