Hong Kong arrests two for suspected involvement in digital asset fraud on AAX

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Hong Kong’s com­mer­cial crime inves­ti­ga­tion bureau on Fri­day arrest­ed two local men for sus­pect­ed involve­ment in dig­i­tal asset fraud on Atom Asset Exchange (AAX), accord­ing to a police press conference.

See relat­ed arti­cle: Trou­bled Hong Kong cryp­to exchange AAX unlike­ly to reopen, says for­mer executive

Fast facts

  • On Dec. 23, two men aged 37 and 44 were arrest­ed, with the for­mer addi­tion­al­ly charged with “mis­lead­ing police offi­cers” and the lat­ter charged with fraud.
  • “Through false infor­ma­tion, news, and ille­gal means, the trad­ing plat­form stopped oper­at­ing, so investors have failed to get back their vir­tu­al assets,” said Kung Hing-fun, part of the Com­mer­cial Crime Bureau’s Fraud divi­sion, dur­ing the press con­fer­ence
  • Author­i­ties fur­ther alleged that AAX sus­pend­ed user with­drawals for “fault and main­te­nance,” before the exchange’s senior man­age­ment left Hong Kong with the company’s cryp­to wal­lets and pri­vate keys.
  • Kung added that oth­er arrests may fol­low as a result of the ongo­ing investigation.
  • Hong Kong-head­quar­tered, Sey­chelles-incor­po­rat­ed AAX is among a grow­ing num­ber of cryp­to com­pa­nies caught up in the fall­out of the col­lapse of heavy­weight exchange FTX, which has seen investors with­draw­ing their cryp­to on fears of indus­try-wide contagion.

See relat­ed arti­cle: AAX’s future in doubt amid staff exo­dus and FTX contagion

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