The post Ex-Philippine mayor linked to $30m AAX crypto scam and laundering ring appeared on BitcoinEthereumNews.com.

Disgraced former Philippine mayor Alice Guo has been linked to the defunct Atom Asset Exchange, which laundered and stole millions in customer cryptocurrency assets in 2022.  This connection comes as Guo faces trial for human trafficking and fraud, according to Rappler reporting. Investigations into her activities have revealed ties to illegal gambling, human trafficking, and potentially even Chinese espionage. Guo made headlines earlier in March when her association with a financial slavery ring was exposed, per CNN and Rappler. The operation, located near her mayoral office in Bamban, housed nearly 1,000 workers, many of whom were trafficked and forced into illegal gambling and crypto scams. Alice Guo’s crypto fraud  One of Guo’s business partners in the Baofu enterprise, Huang Zhiyang, was also tied to another fraudulent business, Sun Valley Clark Hub Corporation. This company operated crypto scam operations using trafficked victims and housed a significant human trafficking ring. Rappler’s investigation found that Sun Valley’s shareholders were linked to a web of illegal activities stretching across Southeast Asia and Hong Kong. The defunct AAX crypto exchange, founded by Su Weiyi, is central to the web of illicit activity surrounding Guo and her partners. AAX, which had over two million users, shut down after accusations of misappropriating millions in customer funds.  Reports suggest the amount could be as high as $30 million. Su Weiyi, who co-owns other companies tied to convicted criminals, has been accused of orchestrating the theft of these funds, adding to the mounting evidence of a larger criminal network. Guo, along with her partners, faces charges of money laundering, human trafficking, and operating an illegal gambling ring. Her ties to AAX and the broader network of fraudulent enterprises have raised concerns about the infiltration of organized crime into the Philippines. There are also rumors and allegations that she may…

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Filed under: News - @ October 14, 2024 6:28 pm