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  • J McGlynn and M Bacina

Blockchain Global under external administration

Updated: May 3

After millions of dollars in bitcoin held by the alleged operator of failed crypto exchange ACX were frozen by the Victorian Supreme Court in September, a second winding up application in a year has been filed against Blockchain Global Limited.

On 8 October 2021, ASIC published a notice stating that Queensland-based Guangsen Nie and Keqi Yao had lodged a winding up application against Blockchain Global. The application is listed for a first hearing on 22 October in the Brisbane Federal Court but earlier this week the company entered voluntary administration.

As we have written about before, there is a dispute concerning which company was responsible for the operations of the ACX exchange. Blockchain Global asserts that at the time the ACX exchange shut down and ceased customer withdrawals, the exchange was being operated by another company by the name of "Peak Trading Group Pty Ltd".

It should be noted that there has been no finding of insolvency or adverse facts against Blockchain Global by any court and the company is entitled to present evidence concerning the matters before the Supreme Court and Federal Court as part of due process. A voluntary administration prevents further steps being taken in legal proceedings without leave.


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