CoinMarketCap: Read what our contributors have to say. This content is provided by the community. DYOR!
Ex-Philippine mayor linked to $30m AAX crypto scam and laundering ring
Table of Contents
Market Musing-g

Ex-Philippine mayor linked to $30m AAX crypto scam and laundering ring

crypto.news
By crypto.news
Created 3 months ago, last updated 3 months ago
3 mins read
Ex-Philippine mayor linked to $30m AAX crypto scam and laundering ring

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 have forged her Philippine citizenship, with investigators linking her fingerprints to a Chinese national. Senator Risa Hontiveros publicly questioned whether Guo was a spy, a major launderer, or an enabler of criminal operations. 

Guo has denied all charges and continues to plead her innocence, though the evidence against her and her network of accomplices continues to mount.

0 likes
|

Other articles published on Oct 14, 2024

Market Musing-g

Bitcoin Price Analysis: BTC Soars to $65K, This is the Next Target

Bitcoin’s price is finally showing some promising signs of bullish continuation. The big question now is if the consolidation period is over or if this is just a temporary bounce. Technical Analysi...
By CryptoPotato_News
3 months ago
3 mins read
Market Musing-g

If You Missed the Dogecoin Price Run from $0.01 to $0.7, Join PropiChain's Whitelist Presale and ...

Did you miss the Dogecoin price surge from $0.01 to $0.7? Hop on PropiChain (PCHAIN) Whitelist Presale to make an unforgettable 12,000x!
By Crypto Daily™
3 months ago
5 mins read
Market Musing-g

Peter Schiff Ignites New Debate in the Crypto Community

Bitcoin Critic Peter Schiff is finally in the limelight after he ignited a conversation in the digital currency ecosystem regarding Bitcoin The post Peter Schiff Ignites New Debate in the Crypto Co...
By TheCoinrise Media
3 months ago
3 mins read
Market Musing-g

Bitcoin Price Breaks $66k – Elite Analyst Maps BTC’s Path to Over $71k

What a start to the week for crypto traders! Not only are meme coins pumping, but most altcoins are also seeing gains, and most importantly, the Bitcoin price is on the rise. BTC now trades around ...
By CaptainAltcoin
3 months ago
6 mins read
Market Musing-g

Aptos Blockchain Welcomes Franklin Templeton's Tokenized U.S. Government Fund

Institutional investors can access the fund through the Benji Investments platform while holding digital wallets on Aptos.
By BSCN
3 months ago
4 mins read
Market Musing-g

Bitcoin Crosses $64k: Will BTC Price Reach $70k as Open Interest Hits $36B?

Crossing above the $64,000 mark, the Bitcoin price has increased by 1.89% in the past 24 hours. With a market cap of $1.26 trillion, Bitcoin dominates 56.7% of the crypto market. Currently, Bitcoin...
By CoinPedia News
3 months ago
4 mins read

Join the thousands already learning crypto!

Join our free newsletter for daily crypto updates!