A former Philippine mayor has been linked to a massive crypto scam that stole millions from users. This is a major red flag for the growing concern about crypto scams in Southeast Asia and Hong Kong, and it raises serious questions about how these criminal rings are operating.
The Mayor and the Missing Millions
Alice Guo, a former mayor in the Philippines, has been connected to the now-defunct Atom Asset Exchange (AAX). This crypto exchange went belly up in 2022, leaving behind a trail of angry users who lost millions of dollars.
Guo’s business associate, Huang Zhiyang, is linked to a shady company called Sun Valley Clark Hub Corporation. This company is known for its involvement in illegal activities across Southeast Asia and Hong Kong, including the AAX scam.
The Crypto Exchange That Went Bust
AAX, based in Hong Kong, was a big player in the crypto world, boasting over 2 million users and ranking among the top 20 exchanges. But it all went south when the company’s founder, Su Weiyi, allegedly stole around $30 million from its users.
Investigators suspect that Su was working with Guo and her associates, which makes this case even more concerning.
A Web of Suspicion
Guo has already been accused of human trafficking and money laundering due to her involvement in illegal gambling operations. Now, with the AAX connection, there are even more questions about her activities. Some lawmakers are even questioning her Filipino citizenship, suggesting she might be a Chinese spy.
While Guo denies any wrongdoing, her connection to the AAX operators adds fuel to the fire. It seems like she might be deeply involved in organized crime in the Philippines.
This case is a stark reminder of the dangers of crypto scams and the importance of regulation in this rapidly growing industry. It also highlights the need for greater transparency and accountability in government, especially when it comes to individuals with close ties to these criminal activities.
