The Australian Securities and Investments Commission (ASIC) has recently filed a lawsuit against the Australian Securities Exchange (ASX), citing 'collective failures' in its management of the blockchain-based platform upgrade. Initially seen as a leading initiative in the blockchain sector, the project, which took seven years to develop, was abandoned in November 2022. The failed upgrade sparked criticism from banking, government, and the Reserve Bank of Australia. In a statement in February 2022, ASX claimed that the blockchain upgrade was progressing well and planned to launch it in April 2023. However, just six weeks later, ASX announced a delay and commissioned Accenture for a review. Accenture's findings revealed that only 63% of the project had been completed. ASIC alleges that ASX's February update was 'misleading and deceptive,' as claims of smooth progress lacked reasonable basis.