Have crypto fraudsters infiltrated the local government in Asia? It seems the answer is yes as information linking a former Philippine mayor to a crypto scam group operating in Asia surfaced.
This is an indicator of the growing concern about crypto scam rings in Southeast Asia and Hong Kong, which might have gained a foothold in some local governments in the region.
Recent information revealed the connection of dismissed Philippine town mayor Alice Guo to the operators of Atom Asset Exchange, a cryptocurrency enterprise that shut down after squandering millions of customer funds.
The limited regulations being imposed on the cryptocurrency in Asian markets are being exploited by crypto scammers preying on inexperienced traders who have little knowledge in navigating this intricate market.
Former Mayor Linked to Crypto Exchange That Stole Millions From Users
Former Philippine mayor Alice Guo has been linked to the defunct Atom Asset Exchange (AAX), which stole millions in crypto from users in 2022. Guo, previously involved in human trafficking and illegal… pic.twitter.com/sYKA1q42Gk
— VERITAS PROTOCOL (@veritas_web3) October 14, 2024
Guo-Crypto Scammers Linkage
Initial information showed that Huang Zhiyang, a business associate of Guo in the Baofu enterprise, has business ties with the bogus Sun Valley Clark Hub Corporation.
According to Rappler, owners of the Sun Valley Clark Hub are also known to operate a nexus of illegal activities across Southeast Asia and Hong Kong. One of these is the now-defunct Atom Asset Exchange which stole millions of dollars from cryptocurrency holders in 2022.
This connection added another dimension to the local governance in the Philippines, stressing the need for more transparency and accountability in those in public office.
