Hong Kong police have arrested two executives of crypto exchange “AAX” on allegations of fraud. Former AAX CEO, Weigao Capital Liang Haoming and AAX founder Thor Chan werearrestOn December 23, the authorities accused the head of the company that announced “System maintenance” is an excuse to delay clients withdrawing assets. amid liquidity problems
One executive even lied to police about a timeline of his activities at the company. by deliberately misleading law enforcement officers
Two of AAX’s bank accounts, including bank accounts and executive property, were frozen. The third executive fled abroad with an AAX wallet and private keys that police believe is worth around $30 million in digital assets. His assets in Hong Kong were also seized by police. which as part of the investigation Hong Kong authorities are working closely with overseas investigators to track down the money.
Hong Kong-based platform AAX has been shut down since mid-November for citing claims. “Making system maintenance” prevent 2 million registered users from accessing their own funds and since then Local police also received more than 337 reports from victims in China, Taiwan, Italy and France.
Withdrawals were suspended by AAX on Nov. 14, citing a system upgrade glitch. The company reassures the community that withdrawals are stopped. It has nothing to do with the fall of FTX.
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