Company:Blockchain Global

From HandWiki
Blockchain Global
FormerlyBitcoin Group (2014–2016)
TypePrivate
IndustryCryptocurrency exchange, Bitcoin mining, Blockchain technology
FateCollapsed (owing $58 million); former directors investigated in Australia
Founded2014; 12 years ago (2014)
FounderSam Lee
Defunct2021
HeadquartersMelbourne, Australia
Key people
Sam Lee (Founder), Allan Guo (Co-founder/Director)
ServicesCryptocurrency trading, business incubation, blockchain solutions
WebsiteACX.io (defunct)

Blockchain Global was an Australian cryptocurrency exchange based in Melbourne. It was co-founded in 2014[1] as Bitcoin Group, and in August 2016 was rebranded as Blockchain Global.[2] The company later developed the blockchain exchange platform ACX.io, and in 2017, acquired Digital X Direct.[3] ACX subsequently ceased operations abruptly with customers unable to access their assets[4] in late 2019. Blockchain Global went into voluntary administration in October 2021.[5]

History

Bitcoin Group mining operation (2014-2016)

Bitcoin Group was founded in 2014 as a bitcoin mining company as a result of a partnership between Sam Lee, Allan Guo and Vincent Vu.[6][non-primary source needed] As of September 2015, with seven bitcoin mining locations in Australia, China, and Thailand, Bitcoin Group's mining operation generated 6.2 peta hashes,[6] approximately 15.7% of the Global Hash Power.[7]

The company made a submission to the Australian Senate’s Economics References Committee for their 2015 inquiry into digital currencies. The submission advised the committee that while the company did not agree with the ruling on the GST treatment of digital currencies by the Australian Taxation Office, its ambitions would have been more difficult to realize without the regulatory clarity that it provided.[8][non-primary source needed]

Failed IPO (2014-2016)

Bitcoin Group announced that it would pursue an initial public offering (IPO) on the Australian Securities Exchange (ASX) in October 2014. The attempt was delayed by two stop orders from the Australian Securities and Investments Commission (ASIC). Following ASIC's request for an Independent Expert Report,[9] the company undertook a third attempt to list on the ASX through an IPO, planning to issue 100 million new shares by January 2016 and thereby raise $20 million at 20¢ a share and achieve a market capitalisation of $32.9 million based on 164,870,930 shares on completion of the offer.[10] Bitcoin Group closed their offer on 25 January 2016 after raising $5.9 million, less than a third of the target,[11] and in March 2016 withdrew the offer and refunded subscribers after ASX deemed their liquidity insufficient.[12] The company said the capital report by an independent accounting firm which the exchange had required did not take into account the expected rise in bitcoin prices following block halving in July 2016.[13][3]

Blockchain Global and ACX Exchange (2016-2019)

In August 2016 Bitcoin Group rebranded as Blockchain Global[2] to reflect a broadened focus including management consulting and business incubation.[3] In 2016, the company generated around US$4.4 million in revenue.[14] After the company developed the blockchain exchange platform ACX.io; in February 2017 it reached an agreement with Digital X to take over the function of that company's blockchain exchange platform, Digital X Direct.[3] In July 2017, Blockchain Global had roughly US$3.5 million in bitcoin and cash.[14] In August 2017, a potential merger between BTCS and Blockchain Global was announced. By early 2018, it had been delayed.[14]

In late 2019,[5] ACX abruptly ceased operations abruptly with customers unable to access their assets.[4] Sam Lee stepped down as a director in 2019, and was re-appointed CEO in April 2020.[15]

Liquidation and investigations (2020-2025)

By 2021, Blockchain Global was in a dispute over 117 Bitcoins with customers that were trapped on a hard-drive due to a conflict between Sam Lee, Allan Guo, and Jin Chen. In September 2021, an Australian supreme court ordered Lee, Guo, and Chen, as well as Blockchain Global and ACX Tech, not to sell or in any way dispose of the coins.[15] The bitcoin at the time were valued at US$8.75 million.[16]

Blockchain Global went into voluntary administration in October 2021.[5] When it went into administration, it owed $21 million to creditors. Lee remained Blockchain Global's CEO.[15] Liquidators were appointed to the company on February 11, 2022.[17] ASIC in January 2024 began investigating company's operation of ACX Exchange, after a report from the firm's liquidators that said that as of October 2, 2023, Blockchain Global owed around US$37 million to creditors.[18] After a travel ban in February 2024 related to the Blockchain Global investigation, Liang Guo left Australia in September 2024 after the travel restraint orders were lifted.[19] In May 2025, ASIC said it had sued ex-director Liang Guo alleging breaches of duty over Blockchain Global's operation of ACX Exchange and its collapse.[20] In October 2025, an Australian federal court barred Blockchain Global's director, Ryan Xu, from leaving the country until December 20, after ASIC applied for the court orders.[18]

See also

References

  1. ↑ "The search for $50 million lost after Blockchain Global's crypto exchange collapse". 3 October 2023. https://www.abc.net.au/news/2023-10-03/blockchain-global-collapse-cryptocurrency-asic-730/102925444. 
  2. ↑ 2.0 2.1 "IT Services: Company Overview of Blockchain Global Limited". Bloomberg. https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=274633620. 
  3. ↑ 3.0 3.1 3.2 3.3 Asha McLean (2017-02-09). "Blockchain Global scoops up Digital X's bitcoin liquidity desk". https://www.zdnet.com/article/blockchain-global-scoops-up-digital-xs-bitcoin-liquidity-desk/. 
  4. ↑ 4.0 4.1 "Collapse of crypto platform a cautionary tale" (in en). 2021-02-28. https://www.afr.com/companies/financial-services/collapse-of-crypto-platform-a-cautionary-tale-20210228-p576hn. 
  5. ↑ 5.0 5.1 5.2 Whitson, Rhiana (3 October 2023). "More than $50 million owed to creditors after collapse of Blockchain Global's cryptocurrency exchange". https://www.abc.net.au/news/2023-10-03/blockchain-global-collapse-cryptocurrency-asic-730/102925444. 
  6. ↑ 6.0 6.1 "Our Company". Bitcoin Group. http://www.bitcoingroup.com.au/our-company/. 
  7. ↑ "Bitcoin Group to list on share market". SBS News. 2015-09-07. http://www.sbs.com.au/news/article/2015/09/07/bitcoin-group-list-share-market. 
  8. ↑ "Digital Currency - Game Changer or Bit Player". Australian Senate Economics References Committee. p. 36. http://adcca.org.au/wp-content/uploads/2015/08/aus-senate-bitcoin-report-040815.pdf#page=36. 
  9. ↑ "Bitcoin Group's IPO has been delayed again as ASIC requests a mining expert". http://www.businessinsider.com.au/bitcoin-groups-ipo-has-been-delayed-again-as-asic-requests-a-mining-expert-2015-11. 
  10. ↑ Shaun Drummond (2015-09-08). "Third time lucky for Bitcoin Group at an IPO?". Sydney Morning Herald. http://www.smh.com.au/business/markets/currencies/third-time-lucky-for-bitcoin-group-at-an-ipo-20150907-gjh4wz.html. 
  11. ↑ Katy Barnato (2016-02-02). "World's first bitcoin mining IPO falls short". CNBC News. https://www.cnbc.com/2016/02/02/worlds-first-bitcoin-mining-ipo-falls-short.html. 
  12. ↑ Fiona Lau; Jennifer Hughes (2018-05-14). "Chinese bitcoin mining gear makers set sights on world's largest bitcoin IPOs". Reuters. https://www.reuters.com/article/us-bitcoin-hongkong-ipo/chinese-bitcoin-mining-gear-makers-set-sights-on-worlds-largest-bitcoin-ipos-idUSKCN1IG0F2. 
  13. ↑ Georgia Wilkins; Shaun Drummond (2016-03-09). "ASX nixes Bitcoin Group's sharemarket float over capital concerns". Sydney Morning Herald. https://www.smh.com.au/business/banking-and-finance/asx-nixes-bitcoin-groups-sharemarket-float-over-capital-concerns-20160309-gne3c7.html. 
  14. ↑ 14.0 14.1 14.2 Osborne, Charlie (9 January 2018). "Delays place BTCS, Blockchain Global merger at risk". https://www.zdnet.com/article/btcs-may-jump-ship-over-delayed-blockchain-global-merger/. 
  15. ↑ 15.0 15.1 15.2 Palmer-Derrien, Stephanie (4 November 2021). "Crypto business Blockchain Global falls into voluntary administration amid legal stoush over locked Bitcoin wallet". https://www.smartcompany.com.au/finance/cryptocurrency-blockchain-global-administration-legal-bitcoin/. 
  16. ↑ Frost, James (8 October 2021). "Court freezes $8.75m in crypto collapse case". https://www.afr.com/companies/financial-services/court-freezes-8-75m-in-crypto-collapse-case-20211007-p58y53. 
  17. ↑ "ASIC secures interim travel restraint orders against former Blockchain Global director". 2024. https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-030mr-asic-secures-interim-travel-restraint-orders-against-former-blockchain-global-director/. 
  18. ↑ 18.0 18.1 "Australia bars Blockchain Global director from leaving country". 28 October 2025. https://www.reuters.com/world/asia-pacific/australia-bars-blockchain-global-director-leaving-country-2025-10-29/. 
  19. ↑ "Australia sues ex-director of crypto exchange Blockchain Global over alleged duty breaches". 17 September 2025. https://www.channelnewsasia.com/business/australia-sues-ex-director-crypto-exchange-blockchain-global-over-alleged-duty-breaches-5156586. 
  20. ↑ "Australia sues ex-director of crypto exchange Blockchain Global over alleged duty breaches". 27 May 2025. https://www.reuters.com/sustainability/boards-policy-regulation/australia-sues-ex-director-crypto-exchange-blockchain-global-over-alleged-duty-2025-05-28/. 

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