Hong Kong Authorities Arrest Suspect in AAX Cryptocurrency Platform Case

According to Odaily, the virtual currency trading platform AAX ceased operations in mid-November 2022, citing system maintenance and updates. Over 300 customers were unable to retrieve nearly HKD 100 million in assets. Following an investigation, Hong Kong law enforcement discovered that individuals allegedly used false information and illegal means to halt the platform's operations. The main suspect had already fled the country with a cryptocurrency wallet and private keys.

Further investigations led authorities to a 39-year-old local man suspected of managing the related cryptocurrency trading platform. This individual left Hong Kong in November 2022 and was arrested upon re-entering the city on the 18th of this month. The arrested man has been temporarily charged with theft, and the case is scheduled to be heard at the Eastern Magistrates' Court tomorrow morning, the 20th.

As of July 19, law enforcement has received reports from 890 victims, involving a total amount of HKD 208 million.