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
DOJ Seeks Retrial for Tornado Cash Developer Roman Storm
DOJ asks court to retry Roman Storm on money laundering and sanctions conspiracy charges after 2025 jury deadlock.
Storm already convicted of running an unlicensed money-transmitting business; Rule 29 motion seeks to
CryptoFrontNews2h ago
Justin Sun Reaffirms Zero-Tolerance Policy on Illegal Activities at Tron
TRON founder Justin Sun says his companies maintains zero tolerance against illegal activities like embezzlement, unauthorised computer access and bribery.
He threatened legal action against those who spread false rumors online and ‘smear judicial organs’ just days after two of his companies
CryptoNewsFlash4h ago
Polymarket hires Palantir and TWG AI to oversee sports contract trading
Polymarket is hiring Palantir Technologies and TWG AI to strengthen oversight of its sports contract trading, aiming to identify and prevent suspicious activities. This move comes amid increased regulation of prediction markets, with a focus on screening participants and cross-referencing banned lists.
GateNews6h ago
Fake Police Officers Held French Couple at Knifepoint in $1M Bitcoin Robbery
Three suspects posing as police officers attacked a couple in Versailles, forcing them to transfer approximately €900,000 in Bitcoin. French authorities confirm the theft and are investigating the growing trend of violent robberies targeting crypto holders.
Decrypt6h ago
The US IRS new crypto audit form requires reporting all exchange and wallet histories, involving over 100 platforms.
The IRS has introduced a new investigation form requiring taxpayers to disclose all cryptocurrency exchanges and wallet histories used. The form covers over 100 platforms and must be signed by the taxpayer to prevent underreporting and audits. It is recommended to consult a tax attorney. The audit focus will be on underreporters and high-frequency traders.
GateNews7h ago
Court to open as early as October! U.S. prosecutors seek re-trial for Tornado Cash co-founder Roman Storm
The U.S. Department of Justice plans to re-indict Tornado Cash co-founder Roman Storm, with a new trial scheduled for October 2026. He faces two unresolved charges, with prosecutors stating these charges involve money laundering and violations of international sanctions. Storm emphasizes that he is only facing serious charges for writing open-source code and vows to fight for freedom.
区块客7h ago
