The person in charge of the Hong Kong cryptocurrency trading platform AAX is suspected of embezzling over 600 million Hong Kong dollars and has now been charged with four offenses

According to Hong Kong media Hong Kong 01, the Hong Kong virtual currency trading platform AAX stopped operating since mid-November 2022, citing system maintenance and updates, leaving over 300 customers unable to retrieve nearly HKD 100 million in assets.

After investigation, Hong Kong law enforcement discovered that the platform's shutdown was allegedly caused by false information and illegal means. The person in charge fled Hong Kong with a virtual currency wallet and private keys, but was later arrested upon returning to Hong Kong. The Hong Kong police stated today that after in-depth investigations, a total loss of approximately HKD 81 million was reported by 191 victims, while the AAX person in charge withdrew virtual currency worth approximately HKD 633 million after the platform ceased operations. He has currently been charged with 3 counts of theft and 1 count of fraud.