Hong Kong Virtual Currency Trading Platform AAX Executive Suspected of Embezzling Over HKD 600 Million Arrested and Charged with 3 Counts of Theft and 1 Count of Fraud

Odaily News: The Hong Kong virtual currency trading platform AAX ceased operations in mid-November 2022, citing system maintenance and updates, leaving over 300 customers unable to withdraw assets worth nearly HKD 100 million. Following an investigation, Hong Kong law enforcement authorities discovered that the platform's shutdown was allegedly caused by false information and illegal activities. The person in charge fled Hong Kong with the virtual currency wallets and private keys but later returned and was arrested. Hong Kong police stated today that after an in-depth investigation, the losses for 191 victims total approximately HKD 81 million. The AAX executive allegedly withdrew virtual currency worth a total of around HKD 633 million after the platform halted operations. He has currently been charged with 3 counts of theft and 1 count of fraud. (Hong Kong 01)