Former Philippine Mayor Alice Guo is linked to the collapsed cryptocurrency exchange AAX

ChainCatcher news reports that former Philippine mayor Alice Guo is associated with the now-defunct Atom Asset Exchange (AAX), which laundered money and stole customers' crypto assets in 2022.

Additionally, Hong Kong police stated that Su Weiyi is the "mastermind" behind AAX, which once had over 2 million users and is now closed. He is accused of absconding with at least $2.15 million of customer cryptocurrency. However, a petition claims that this figure is at least $30 million. Su Weiyi co-owns other companies with partners linked to convicted felons Alice Guo and Huang Zhiyang (Baofu partner).

Guo faces 87 charges of money laundering, as well as charges of operating an illegal gambling syndicate and human trafficking. If convicted, she and her accomplices could face up to 1,218 years in prison. Guo denies all charges.