Blockchain Global (ABN 82 601 628 497) call for the immediate restoration of deposits and withdrawals on ACX.io
Since December 2019, Blockchain Global have received numerous customer complaints, concerning the inability to complete transactions within ACX including both deposit and withdrawal functions.
We expressed concern that not only was this situation damaging for ACX but that it was also causing harm to confidence in the wider industry.
The situation also has negatively impacted the pace of which we can execute our vision to drive adoption of Blockchain in Australia and abroad in the order of (1) education, (2) regulation, (3) innovation. As sustainable innovation on a global scale requires the knowledgeable support and trust of both regulator and markets.
We as a diversified Blockchain investment and holding company have:
1. Offered to ACX to open up dialog by provide support from our various portfolio equity investments we have made directly or through our partners.
2. Have sought the assurance that ACX management would work diligently to promptly resolve the issues and ensure that all consumer transactions can be completed.
Regrettably, we have had no response from ACX management and we understand that the issue remains unresolved.
We therefore would like to clarify to ACX customers and the broader market the following:
– ACX is a cryptocurrency exchange registered on 24/07/2014 as ACX TECH PTY LTD (ABN 48 600 876 622), the exchange started operations as part of the 2016 Block Engine accelerator, incubated out of the Blockchain Centre Melbourne, a not for profit organisation funded by Blockchain Global and IBM.
– Blockchain Global provided through the accelerator further funding and technical support beyond the incubation period up until December 2017 for a consideration of 1’000 ordinary shares on 22/06/2018, however these shares to this day were never transferred.
– All technical support and cryptocurrency wallet management beyond the incubation period was provided by BLOCKCHAIN TECH PTY LTD (ABN 77 623 201 945) a company established on 03/12/2017 and owned by BLOCKCHAIN JET PTY LTD (ABN 25 623 202 031), which subsequently provided technical support for DASHBOARD MANAGEMENT PTY LTD (ABN 66 623 566 487) a company established on 22 Dec 2017 operating various exchanges (CEX24, STRING EXCHANGE and JINANCE).
– All Australian dollar banking deposits and withdrawal services provided to ACX customers was provisioned through PEAK HONG KONG LIMITED (ARBN 615 938 899) or a contracted entity
– All compliance of ACX with AUSTRAC is provided by PEAK TRADING GROUP PTY LTD (ABN 21 627 704 090).
– Blockchain Global does not manage customer funds, customer data and technology related to ACX.
To summarise, despite Blockchain Global providing both tangible (technology and funding) and intangible (customers and introduction) to ACX Management, we have:
1. Not received shares and hence no shareholder updates or visibility to management.
2. No access to any customer funds or operations of the exchange itself.
3. Many employees and partners with significant funds as customers of ACX that continue to remain inaccessible.
We therefore encourage:
1. A market announcements from ACX management to explain the situation and a timeline on how to resume operations and work swiftly to resolve any outstanding withdrawal requests.
2. Litigation process to begin to reveal any material contracts between ACX TECH PTY LTD, BLOCKCHAIN TECH PTY LTD and PEAK HONG KONG LIMITED to provide transparency as to where funds are held so that they may be released at a later date.
Failing to do so, Blockchain Global will on behalf of customers fund the legal fees for liquidation of all related entities to return customer funds.