Hong Kong police arrest two suspects, AAX scam case continues to escalate

LayerZeroHero · 2026-02-17T02:05:49+00:00

AAX scam controversy escalates again, with Hong Kong police arresting two men related to the cryptocurrency exchange. Since November 2025, the platform has faced fund freezes, and the fraudulent tactics have gradually come to light, causing difficulties for investors. This incident serves as a warning to market participants to be cautious of potential risks associated with virtual currency platforms.

LayerZeroHero

2026-02-17 02:05:49

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According to Foresight News reports, the AAX cryptocurrency exchange scam has escalated once again. Hong Kong police arrested two local men on December 23, 2025, who are suspected of being closely involved in the platform’s virtual currency fraud case. Previously, AAX had taken measures such as deleting its official YouTube channel and Facebook account in an attempt to cover up the platform’s crisis.

Platform Scam Tactics Gradually Unveiled

The development of the incident shows that AAX’s problems have been longstanding. On November 14, 2025, the platform issued an announcement claiming that “wallet functions are being upgraded and will be restored within 7-10 business days to recover user assets.” This seemingly routine system maintenance notice actually marked the beginning of funds being frozen for investors. Just one day later, on November 15, AAX suddenly announced that it was raising funds to restore normal operations, attempting to make up for the gap caused by the suspension of withdrawals and the large number of investors trying to withdraw their funds. This series of actions indicates that the truth behind AAX’s scam is far more complex than initially disclosed.

Official Actions and Investor Dilemmas

The platform’s abnormal behavior drew the attention of regulatory authorities. Hong Kong police ultimately took action, arresting individuals on suspicion of fraud. This not only marks the legal phase of the case but also indicates that the losses suffered by investors have reached a level that triggered official intervention. Many investors are still unable to withdraw their frozen assets from the platform.

Warning Sign of the AAX Scam

This AAX scam case serves as a reminder to cryptocurrency market participants that the risks associated with virtual currency trading platforms are far greater than imagined. From the guise of wallet upgrades to exposure of financing difficulties, and finally to criminal charges by the police, the collapse chain of the platform is now clearly visible. Investors should remain vigilant and learn to identify such deceptive tactics.

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