BTC PULSE
No Result
View All Result
Play Now
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Sticky

ASIC Deepens Probe into ASX’s $164M Blockchain Failure, Assembles Expert Panel

by Dan K
Jun 26, 2025 - 1:39 pm
in Sticky, Blockchain
Exterior view of ASX headquarters building in Sydney, Australia

ASIC Appoints Three-Member Expert Panel to Investigate ASX Blockchain Failure

The Australian Securities and Investments Commission (ASIC) has stepped forward to launch a full-scale investigation into the failed blockchain revolution by the Australian Securities Exchange (ASX), appointing a three-member expert panel to assist in determining governance and management failures linked with the collapse.

Guy Debelle and Rob Whitfield are Appointed to Panel

Guy Debelle, former deputy governor of Reserve Bank, has joined the panel, with Rob Whitfield, non-executive director of Commonwealth Bank, to chair. Christine Holman, board director at AGL and Collins Foods, completes the team.

ASIC has asked the panel to find what areas ASX’s risk management, governance, and technology fell short in and could possibly have led to the failure.

Panel to Report Back by March 2026

The board will be required to report by March 31, 2026. ASIC’s regulator action and rebuilding trust in the nation’s premier securities exchange will be guided by the report.

ASX has formally invited the investigation and has committed to being completely cooperative with the board.

Inside ASX’s Failed Blockchain Ambition

ASX first unveiled the ambitious blockchain replacement for its CHESS system in 2015, partnering with New York startup Digital Asset Holdings. The project aimed to overhaul settlement and clearing operations through distributed ledger technology.

Things didn’t end well. Critics sounded the alarm over the untested scalability of the system, as well as its complicated architecture and frail external support. In late 2024, ASX officially canceled the project, blaming it on faulty administration and systemic problems.

The total cost rose to between 245 and 255 million AUD (approximately $164–$171 million USD) with severe industry condemnation and loss of prestige for the exchange.

Tags: Regulation
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

Arthur Hayes speaking about Bitcoin as Japan’s new Prime Minister announces economic stimulus measures

Arthur Hayes Predicts $1M Bitcoin as Japan’s New PM Unveils Economic Stimulus

October 22, 2025

Arthur Hayes predicts Bitcoin could hit $1M as Japan’s new PM Sanae Takaichi launches economic stimulus, signaling potential...

blockchain

Bolivia’s President-Elect Rodrigo Paz Turns to Blockchain to Fight Corruption

October 20, 2025

Bolivia’s new president Rodrigo Paz plans to use blockchain in public procurement and crypto asset declarations as part...

Metaplanet and Bitcoin Magazine logos, symbolizing their new partnership to expand operations in Japan.

Japan Moves Toward Allowing Banks to Buy Bitcoin Under New Regulatory Framework

October 19, 2025

Japan’s regulators are reviewing changes that could let banks buy and hold Bitcoin, signaling a major shift in...

24H HOLD token price chart showing 35% surge despite market pullback

Crypto markets surge as Trump confirms October 31 summit with Xi Jinping

October 19, 2025

Crypto markets rebound after Trump confirms October 31 summit with Xi Jinping, easing US-China tensions and sparking optimism...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • About Us
  • Advertise
  • BTC-PULSE
  • Contact Us
  • Events
  • Privacy Policy
  • Sitemap
  • Terms of Service