2 Executives of AAX Arrested in Hong Kong

2 Executives of AAX Arrested in Hong Kong

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Jonathan
Jonathan

An editor at Coincrop


27 Dec 2022 | 4 min read
13,472 views

O

n December 23rd, AAX's former Chief Executive Officer Liang Haoming and its originator Thor Chan were taken into custody.

Two executives of the crypto exchange AAX were apprehended by Hong Kong police due to allegations of fraud and deceiving law enforcement, as per local media reports.

On December 23rd, both Liang Haoming - CEO of Weigao Capital and Thor Chan - formerly the CEO of AAX were apprehended by local authorities. Evidence suggests they halted customers from pulling out their assets with the false explanation that “system maintenance” was taking place when in reality there were liquidity problems.

Additionally, one of the company executives allegedly deceived law enforcement concerning their involvement with the timeline within the business, blatantly lying to them.

Two AAX bank accounts and those of executives have been frozen by authorities. Additionally, a separate executive is said to have absconded overseas with an AAX wallet containing approximately $30 million worth of digital assets; his Hong Kong properties were subsequently seized. In response, the police in Hong Kong are collaborating with international investigators to locate and recover these funds as part of their inquiry.

AAX, a Hong Kong-based platform, was forced to shut down in mid-November due to "system maintenance," leaving millions of users unable to access their funds. Since then, law enforcement has received 337 complaints from victims across China, Taiwan Italy and France regarding the crisis. Initially AAX had claimed that its withdrawal suspension stemmed from an issue with their system upgrade rather than any ties it may have had with FTX's collapse - as rumours began circulating online - yet this remains undetermined.

After a few weeks, the Vice President of Global Marketing and Communications at AAX announced his abrupt resignation. Ben Caselin confirmed via Twitter that he was leaving the crypto exchange because most of his proposed initiatives for the community were not accepted and described his role as "hollow".


Jonathan

Jonathan

An editor at Coincrop
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Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.


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