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The main culprit of the collapse of Hong Kong virtual currency trading platform AAX was arrested after absconding with the funds for 20 months

The virtual currency trading platform AAX will stop operating from mid-November 2022 due to system maintenance and updates. Over 300 customers were unable to retrieve nearly HKD 100 million in assets. After investigation by Hong Kong law enforcement agencies, it was discovered that someone had caused the platform to shut down through false information and illegal means. The main culprit had already fled Hong Kong with virtual currency wallets and private keys. After further investigation, a 39-year-old local man related to the case was identified and arrested upon his return to Hong Kong on the 18th. The arrested man has been temporarily charged with "theft" and the case will be heard in the Eastern District Court tomorrow (20th) morning. As of July 19th, law enforcement agencies have received a total of 890 reports from victims, involving a total amount of HKD 280 million.

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