Scammed from China to Australia! It went bankrupt just after announcing its listing in the United States, and the Chinese founder ran away! A large number of Chinese Australians lost their pensions, losing tens of billions…

#01：

Virtual trading platform collapse

A large number of investors lost all their money

Not long ago, DAEX, an Australian virtual currency trading platform that still made high-profile claims that it was “about to be listed in the United States” and “lay out the global digital asset map”, suddenly announced its liquidation.

According to the announcement on the official website of the Australian Securities and Investments Commission (ASIC),DAEX has officially entered the liquidation process on January 6, 2026.

Image source: ASIC

As soon as the news came out, many investors were caught off guard, including a large number of Chinese investors.

Because just about two months ago, the platform was still hyping up its future prospects and even created a scene of “rapid development” within the APP.

However, the reality is:The platform was suddenly shut down, funds were frozen, and investors were required to contact the liquidator to declare their claims. What is even more shocking is that this is not a single incident, but a whole series of “explosions” surrounding the same subject behind the scenes.

Image source: Daily Telegraph

Australian media disclosed that DAEX was established in 2021 as a virtual currency trading platform. It later operated under the names of AUDX Australia, AUDX Global, and GlobalOne Exchange.

The platform’s business model is not complicated:Investors first invest Australian dollars into the platform and then convert them into virtual currency, and the system displays the so-called “real-time profit and loss”.

In its official website and promotional materials, DAEX has repeatedly claimed to be a “global digital asset trading platform” and repeatedly emphasized its “safety”, “compliance” and “reliability”. However, these packages quickly collapsed in the face of reality.

In May last year, DAEX suddenly changed its name to AUDX and declared bankruptcy in less than a year.

Image source: https://www.daexglobal.com/

A report from the liquidation agency DV Recovery Management shows that the amount claimed by creditors is as high as 4.8 million Australian dollars, while the company’s assets available for distribution are only about 30,800 Australian dollars, which is almost equivalent to a “shell liquidation”.

What is even more noteworthy is that DAEX is owned by Digital Capital Group (DCG). The two companies not only share a registered address, but also have the same director Xu.

Although DAEX entered liquidation, DCG itself was not liquidated simultaneously, and the structural relationship caused a large number of investors to question.

#02：

Something happened to another company too

The same routine of bankruptcy and liquidation

DAEX is not the only company in trouble. Another company, New Vista Fund Pty Ltd, which was also established in 2021 and belongs to the DCG system, is currently recommended by the liquidator to enter the liquidation process.

Image source: Daily Telegraph

The company is mainly engaged in virtual currency investment management and raised AU$2.23 million from investors through the Edison CryptoSage Fund in early 2024. The funds were subsequently invested in the encryption trading platform OKX for trading.

According to the original commitment, investors were supposed to receive their principal back in April 2025, but this commitment ultimately fell through.

But after expiration, the situation suddenly reversed.When the fund first matures, investors are told that the company has suffered significant losses and that the funds in the account are insufficient to return the principal.

The company then requested a six-month extension to the maturity date to October 2025.

Image source: Daily Telegraph

In October 2025, it was suddenly explained that the funds had shrunk significantly due to the “black swan event” in the virtual currency market.

After the market plunge, the board met with investors again on October 16 to request a further extension.

However, the liquidation report shows thatOn October 5, 2025, when management met with investors, the fund account still held approximately 2.08 million USDT (stable currency linked to the U.S. dollar), which was equivalent to approximately 3.1 million Australian dollars at the then exchange rate.

However, just a few days later, this number plummeted.

Five days later, the liquidator was officially appointed, and at this time there were only about 200,000 USDT left in the trading account.

At the same time, ASIC intervened in the investigation in November of the same year, focusing on examining whether the company had illegal derivatives transactions and other violations, and issued a formal notice to it, requiring the submission of relevant company records.

So far, two companies directly related to DCG have exploded.

#03：

Founder’s identity revealed

Scammed from China to Australia

Over the years, Xu, who claims to be the founder of DCG, has been frequently active in the Australian Chinese community, using his “doctoral background”, “multiple organizational identities” and “coming public” as his aura to continue project promotion and financing.

Its public information shows that,He does hold a PhD from the National University of the Philippines, Placa.

However, in the Philippines, the gray industry of “online accelerated doctorate” and “batch issuance of certificates” is no longer a secret, and the school is not considered a mainstream university even locally.

These titles are more like props for investment packaging.

What’s even more serious is that some netizens broke the news that,Xu was also involved in a major domestic virtual currency pyramid scheme involving a total amount of tens of billions of yuan – the so-called “Ubank” fund disk.

This project used fictitious mining investments and high-yield returns to induce investors to continuously pull people to go offline. It was eventually found by the court to be guilty of organizing and leading pyramid schemes, and dozens of people involved were sentenced.

Image source: Daily Telegraph

After the domestic case occurred, Xu’s accomplices in China were arrested one after another, but he himself evaded accountability because he was overseas.

And he then continued to copy highly similar routines in Australia:Virtual currency, upcoming listing, overseas large-screen promotion, high-end forum platform…

And these so-called “international endorsements” are essentially just advertising spaces that can be bought with money.

Ultimately, where does the money come from? It still comes from the savings of ordinary investors – some are down payments for houses, some are pensions, and some even invest in loans.

Image source: Xiaohongshu

Now that the platform has been liquidated and its assets have been depleted, hundreds of Australian investors’ funds are still trapped, and their losses may be as high as tens of millions of Australian dollars.