2 Executives Of AAX Were Detained In Hong Kong

Local media say that Hong Kong police have detained two executives of the cryptocurrency exchange AAX on suspicion of fraud and tricking the government.

On December 23, the current CEO of Weigao Capital, Liang Haoming, and the previous CEO of AAX, Thor Chan, were taken into custody. The local government said that they used the excuse of “system maintenance” to stop people from withdrawing assets when there wasn’t enough cash on the market.

Additionally, it is claimed that one of the executives lied to the police on the timeline of his activities inside the firm, with the intention of purposefully deceiving law enforcement authorities.

Two of AAX’s bank accounts, in addition to the bank accounts and properties of the executive, have been placed on hold. According to reports, a third executive has departed the country with an AAX wallet and private keys, which the authorities estimate hold around $30 million worth of digital assets. The authorities in Hong Kong took possession of his real estate holdings and sold them off. As part of the inquiry, the authorities in Hong Kong are collaborating closely with their counterparts in other countries to track the money.

Because the platform, which is situated in Hong Kong, was shut down in the middle of November for “system maintenance,” its 2 million registered customers are unable to access their cash at this time. Since then, the local authorities in China, Taiwan, Italy, and France have received more than 337 complaints from victims in those countries.

AAX suspended withdrawals on November 14, claiming a bug in the exchange’s ongoing system update as the reason for the action. The firm gave its community assurances that the withdrawal suspension had nothing to do with the failure of the cryptocurrency exchange FTX, despite widespread speculation that this was the situation.

A few weeks later, the vice president of AAX’s worldwide marketing and communications division made the announcement that he would be leaving his position. Ben Caselin acknowledged on Twitter that he has left the cryptocurrency exchange. He said that despite his attempts to advocate for the community, the ideas he suggested were not approved by the exchange’s leadership. He referred to his position in communications as being “empty.”

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