The head of Hong Kong-based cryptocurrency exchange AAX has been arrested on suspicion of embezzling over 600 million Hong Kong dollars and has been charged with three counts of theft and one count of fraud.

Svmuu News: Hong Kong-based cryptocurrency exchange AAX suspended operations in mid-November 2022, citing system maintenance and updates. More than 300 customers were unable to retrieve nearly HK$100 million in assets. Following an investigation, Hong Kong law enforcement discovered that the platform’s shutdown was likely caused by false information and illegal means. The person in charge fled Hong Kong with cryptocurrency wallets and private keys but was later arrested upon returning to the city. Hong Kong police stated today that an in-depth investigation revealed a total loss of approximately HK$81 million for 191 victims. while the AAX operator withdrew approximately HK$633 million worth of cryptocurrency after the platform ceased operations. He has now been charged with three counts of theft and one count of fraud. (Hong Kong 01)