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 of customer cryptocurrency assets in 2022.

According to Rappler news, this connection comes to light while Guo is on trial for human trafficking and fraud. Investigations into their activities have revealed links to illegal gambling, human trafficking and potentially even Chinese espionage.

Guo made headlines in early March when his involvement with a financial slavery ring was revealed, according to CNN and Rappler. The operation, which took place near the mayor’s office in Bamban, housed approximately 1,000 workers, many of whom were trafficked and forced into illegal gambling and crypto scams.

Alice Guo’s crypto scam

Huang Zhiyang, one of Guo’s business partners in the Baofu venture, was also linked to another fraudulent company, Sun Valley Clark Hub Corporation.

This company operated crypto fraud operations using trafficked victims and hosted a significant human trafficking ring. Rappler’s investigation revealed that Sun Valley’s shareholders were linked to a network of illegal activities that spanned Southeast Asia and Hong Kong.

The defunct AAX crypto exchange, founded by Su Weiyi, is at the center of the network of illegal activity surrounding Guo and his associates. AAX, which had more than two million users, shut down following accusations that it misappropriated millions of customer funds.

Reports suggest the amount could be as high as $30 million. Su Weiyi, who co-owns other companies linked to convicted criminals, is accused of orchestrating the theft of these funds, adding to mounting evidence of a larger criminal network.

Guo, along with his associates, are accused of money laundering, human trafficking and operating an illegal gambling ring. Its ties to AAX and the broader network of fraud companies have raised concerns about organized crime infiltrating the Philippines.

There are also rumors and allegations that he may have faked Filipino citizenship, with investigators linking his fingerprints to a Chinese citizen. Senator Risa Hontiveros publicly questioned whether Guo was a spy, a major money launderer, or a facilitator of criminal operations.

Guo has denied all charges and continues to maintain his innocence, but the evidence against him and his accomplices continues to mount.