PANews, February 26 — According to Hong Kong media outlet HK01, Hong Kong virtual currency trading platform AAX ceased operations in mid-November 2022 citing system maintenance and updates. Over 300 customers were unable to recover nearly HKD 100 million in assets. Hong Kong law enforcement authorities investigated and found suspected false information and illegal means used to cause the platform to shut down. The responsible party fled Hong Kong with virtual currency wallets and private keys, but was later arrested after returning to Hong Kong. Today, Hong Kong police stated that, after thorough investigation, a total loss of approximately HKD 81 million was suffered by 191 victims. The AAX operator withdrew about HKD 633 million worth of virtual currency after the platform ceased operations. He has now been charged with three counts of theft and one count of fraud.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Proposal to Regulate Prediction Markets Gains Steam After Insider Trading Allegations Involving Iran War
Senator Chris Murphy has proposed regulating prediction markets after allegations of insider trading by people close to the Trump Administration. According to Bubblemaps, six insiders profited close to $1.2 million betting on the U.S. strike on Iran just hours before it happened.
Senator Chris Mur
Coinpedia15m ago
Riot Platforms pays $20 million to settle dispute with SBI Crypto
Riot Platforms agreed to pay $20 million dollars to SBI Crypto to settle a three-year lawsuit regarding a Bitcoin mining storage agreement in Texas. The complaint began in April 2023, with SBI initially seeking over $175 million dollars in damages.
TapChiBitcoin24m ago
Federal Judge Dismisses Final Claims Against Uniswap Labs, Ending Four-Year Class Action Over Scam Tokens
Federal court ruled Uniswap is not liable for scam tokens traded by third party issuers.
The judge found no proof that Uniswap had knowledge of fraud or helped deceptive schemes.
The four year class action ends with
CryptoNewsLand1h ago
Japan's Financial Services Agency may investigate whether the issuance of SANAE TOKEN violates regulations
ChainCatcher News, Prime Minister Sanae Yoshioka has posted on social platform X denying any association with this token. The Prime Minister's Office also issued a statement saying, "No approval has been granted."
GateNews2h ago
Former Los Angeles police officer convicted of kidnapping a teenager and stealing Bitcoin: $350,000 in digital assets stolen
Former Los Angeles Police Officer Eric Halem was convicted of kidnapping and robbing a teenage Bitcoin holder, valued at approximately $350,000. The case highlights the risks of cryptocurrency in crime, reminding investors to protect digital assets against theft and scams. Sentencing will take place on March 31.
GateNews2h ago
