• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

ASIC sues ASX: CHESS replacement project delayed

user avatar

by Giorgi Kostiuk

a year ago


  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.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

Other news

Bit Digital Makes $67.3 Million Ethereum Purchase, Strengthening Its Holdings

chest

Bit Digital invests $67.3 million in Ethereum, raising total holdings to nearly 120,306 coins.

user avatarGiorgi Kostiuk

Block Inc. Joins S&P 500, Replacing Hess Corp.

chest

Block Inc. will replace Hess Corp. in the S&P 500, potentially impacting Bitcoin's acceptance by institutional investors.

user avatarGiorgi Kostiuk

XRP Sets New Record Following Legislative Changes

chest

XRP hit $3.66, surpassing previous records due to increased investor interest and the expected signing of the GENIUS Act.

user avatarGiorgi Kostiuk

MEI Pharma and Litecoin: New $100 Million Treasury Strategy

chest

MEI Pharma has announced a $100 million treasury strategy with Litecoin, led by Litecoin creator Charlie Lee. Market reaction was volatile.

user avatarGiorgi Kostiuk

Merkel Urges for a Cohesive EU Response to US Tariffs

chest

Merkel calls for EU unity in response to US tariffs that may disrupt trade chains.

user avatarGiorgi Kostiuk

PUMP Token's Price Drops by 75% Following ICO

chest

PUMP token's price falls by 75% post-ICO due to major sell-offs from whale investors.

user avatarGiorgi Kostiuk
dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

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.