Hong Kong virtual currency trading platform AAX ceased operations due to system maintenance, resulting in over 300 customers being unable to recover approximately HKD 100 million in assets. The person in charge fled and was later arrested. They are currently facing multiple charges including theft and fraud. The police have confirmed that victims have suffered losses of about HKD 81 million.

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On July 20th, according to the Trust News, the Virtual Money trading platform AAX will stop operating from the end of 2022, and customers will not be able to withdraw related virtual assets. Yesterday, the Hong Kong police arrested a 39-year-old local man named long, who is suspected of managing the platform. The police said that after further investigation, commercial crime investigation department personnel identified a man related to the case. The man left Hong Kong in November 2022 and was arrested when he entered Hong Kong yesterday.

The system maintenance and update of AAX, a virtual money trading platform in Hong Kong, was alleged to be false news, resulting in the suspension of the platform and the inability of more than 300 customers to withdraw nearly HK$100 million in assets. After investigation by law enforcement agencies, a man involved in the case has been identified and suspected of managing the trading platform. As at 19 July, 890 victims had reported the case, involving HK$280 million. The man has been provisionally charged with one count of "theft" and the case will be heard at the Eastern Magistrates' Courts on the morning of July 20.