Collapse of crypto platform a cautionary tale

The mysterious collapse of a cryptocurrency trading platform highlights the risks of the speculative and effectively unregulated currency.

(L-R) Jim Chen, Sam Lee, Allan Guo in front of associates from Bitcoin Group in happier times. Paul Jeffers

James FrostFinancial services writer

Mar 1, 2021 – 12.01am

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Twelve months after Melbourne based cryptocurrency platform ACX ceased operating and froze the accounts of its users, investors caught up in the debacle are none the wiser to what happened.

Around 200 investors are understood to have lost as much as $10 million in this little corner of the investment world’s Wild West.

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James FrostFinancial services writerJames Frost writes about banking, funds management and superannuation. Based in Melbourne, James has been reporting on specialist business and finance topics for 15 years.