BlockBeats reported that on August 14, the Financial Times reported that the Australian Securities and Investments Commission (ASIC) stated in a lawsuit filed on Wednesday that the board and management of the ASX (Australian Stock Exchange) had "collectively failed" in managing the upgrade of its blockchain-based platform.
The upgrade project was initially billed as a leading blockchain initiative but was abandoned in November 2022 after seven years of development. The failed upgrade sparked criticism of the ASX from the banking industry, government and the Reserve Bank of Australia.
In its lawsuit, ASIC cited a February 2022 statement from the ASX that indicated the blockchain upgrade was progressing smoothly and was scheduled to go live in April 2023. However, just six weeks later, the ASX indicated that the upgrade might be delayed and appointed consultant firm Accenture to conduct a review.
Accenture's review found the project was only 63 per cent complete. ASIC alleges the February update was "misleading and deceptive" because the ASX had no reasonable basis to claim the upgrade was progressing smoothly.