ASIC sues ASX: CHESS replacement project delayed

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. ASIC Lawsuit Details
  2. Remarks from ASIC Chair
  3. ASX Responds to Lawsuit


    4. Australia's corporate regulator ASIC has filed a lawsuit against market operator ASX for allegedly mishandling the blockchain-based CHESS replacement project.

    ASIC Lawsuit Details

    ASIC has sued the ASX, alleging that the market operator misled the public regarding the status of the blockchain-based CHESS replacement project in early 2022. Despite claiming the project was on track, ASX revealed a likely delay six weeks later. An independent review uncovered significant scalability issues with the blockchain technology, leading to the project's halt and a $250 million write-off.

    Remarks from ASIC Chair

    ASIC Chair Joe Longo stated that ASX's claims undermined market trust: "ASX's statements go to the heart of trust in the integrity of our markets. We believe this was a collective failure by the ASX Board and senior executives at the time." Longo added that the project's delay and eventual halt in November 2022 resulted in substantial financial losses for both ASX and investors who relied on the company's statements.

    ASX Responds to Lawsuit

    ASX CEO Helen Lofthouse acknowledged the seriousness of ASIC's lawsuit and said the company is cooperating with the regulator's investigation and reviewing the allegations. In March 2024, ASX had already paid a A$1.05 million fine ($695,415) for separate market integrity rule breaches.

    The legal proceedings between ASIC and ASX are ongoing, and the regulator has yet to specify the penalty it seeks. The situation underscores the importance of honesty and transparency in corporate communications and investor relations.

Tier I

Sector: #18291

Sealed Cache Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, caches will be stored in your inventory and can be opened with Keys.

Other news

Iran Conflict Drives Capital into Digital Assets

chest

The ongoing conflict in Iran is leading to increased investment in digital assets as a means of wealth preservation.

user avatarNguyen Van Long

Web3 Emphasizes Editorial Integrity in New Report

chest

Web3 has published a report that emphasizes its strict editorial policy, focusing on accuracy, relevance, and impartiality.

user avatarSatoshi Nakamura

Farside Implements a Strict Editorial Policy.

chest

Farside has announced a strict editorial policy that focuses on accuracy, relevance, and impartiality.

user avatarJesper Sørensen

Zcash's Impressive Market Performance and ETF Launch

chest

Zcash has experienced a remarkable price increase, gaining over 2,300% in the past year, aided by the launch of Grayscale's Zcash ETF.

user avatarLucas Weissmann

Zcash Surpasses $1,000 Mark, Achieving New All-Time High

chest

Zcash's price broke above $1,000 for the first time in nearly a decade, marking a significant milestone in its market performance.

user avatarRajesh Kumar

Trezor Implements New Security Measures After Data Breach

chest

Trezor is enhancing security measures, including anonymous delivery options, in response to a data breach affecting 67,000 customers.

user avatarFilippo Romano

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.