The head of Hong Kong virtual currency trading platform AAX, suspected of embezzling over 600 million Hong Kong dollars, has been arrested and charged with 3 counts of theft and 1 count of fraud

The Hong Kong virtual currency trading platform AAX ceased operations in mid-November 2022 under the pretext of system maintenance and updates, leaving over 300 customers unable to retrieve nearly 100 million Hong Kong dollars in assets. After an investigation, Hong Kong law enforcement discovered that the platform's shutdown was allegedly caused by false information and illegal means, with the person in charge fleeing Hong Kong with a virtual currency wallet and private keys, and later being arrested upon returning.

Hong Kong police stated that after a thorough investigation, 191 victims reported losses totaling approximately 81 million Hong Kong dollars, while the AAX person in charge withdrew virtual currency worth about 633 million Hong Kong dollars after the platform ceased operations. He has currently been charged with 3 counts of theft and 1 count of fraud.