The centralized exchange AAX has ceased operations due to maintenance in mid-November. The funds of millions of users around the world have been frozen, and they need to be mentally prepared not to get them back. However, there have been recent developments in this incident. The Hong Kong police have arrested two people involved in the case and seized their assets.
AAX ceases operations
The centralized exchange AAX was suspected to be affected by the bankruptcy of FTX. On November 12 this year, it suspended platform operations due to system maintenance and updates. It also issued an outrageous announcement on November 16, stating that AAX was raising money and would continue to operate if it had money. If there is no money, legal proceedings will be initiated to liquidate.
However, to this day, AAX has not given any follow-up news. Not only have all employees been fired, but platform services have also been stopped, so that users can no longer log in to AAX to check their asset balances.
New developments in the case: Hong Kong police have arrested two men
According to Hong Kong 01 reports, the Hong Kong police have so far received reports from 337 victims around the world, with losses amounting to HK$98 million (approximately US$12.55 million). The Commercial Crime Bureau of the Hong Kong Police stated at a press conference yesterday that it had arrested two men, aged 37 and 44 respectively. One of them is a former employee and the other is a platform manager. Both are involved in making platform decisions, spreading false news, and Use illegal means to stop the operation of the trading platform.
According to sources, the two arrested men are Liang Haoming, director, shareholder and CEO of Weigao Capital, and Thor Chan, founder and former CEO of AAX. However, the mastermind behind the scheme is currently absconding with the money and has left Hong Kong with AAX’s wallet and private keys, amounting to US$30 million.
The good news is that Hong Kong Police Senior Inspector Wong Chung-lai said that the US$30 million has not been misappropriated and there is no trace of loss. The police will continue to trace the flow of funds. In addition, the police have also frozen the bank accounts of relevant companies and persons involved in the case and seized real estate worth approximately US$7.3 million.
This article Two AAX employees were arrested by Hong Kong police, and their identities were suspected to be exposed; the mastermind is still at large, with $30 million in money. First appeared on Chain News ABMedia.