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Two Men Are Arrested in the AAX Exchange Bankruptcy Case by Hong Kong Police

David - Cryptocurrency Enthusiast

  • Due to their involvement in the AAX case and their deception and misrepresentation of police, the police have detained two persons

  • The criminal ringleader and $30 million worth of cryptocurrency fled from Hong Kong

  • According to reports, Thor Chan, the former CEO of AAX, and Liang Haoming, the CEO of Weigao Capital, have both been detained

According to sources, the police's Commercial Crime Investigation Bureau detained a former worker and the platform manager for AAX. Both men were charged with disseminating false information and employing unethical methods to bring down cryptocurrency trading site. According to reports, the company chose to spread fake information as part of a large plot in order to delay the public account and halt platform functioning, leading to potential losses for those investing in cryptocurrency and holding crypto assets like coin holdings.

However, the crime's organizer left Hong Kong with his wallet of digital money and the secret key to the trading site, which included almost $30 million.

One of the males who had been detained was accused of "misleading a police officer." The man falsely claimed to have left the pertinent firm in May 2021 throughout the investigation. But more research revealed that the man was a consultant and continued to show up at business conferences. According to rumors, the two individuals who were detained are the founder and former CEO of AAX and the director, shareholder, and CEO of Weigao Capital, respectively (Thor Chan). However, the identification has not yet been verified.

The present $30 million in crypto assets are safe in the virtual currency wallet, according to senior inspector Huang Zhongli, and there are currently no signs of a loss. The police promised to find the source of the money flow and to keep in touch with foreign agencies as soon as possible to protect those investing in the crypto market.

When Vice President of Global Marketing and Communications Ben Caselin announced his retirement from the crypto exchange AAX, the rumors of a probable bankruptcy announcement from AAX gained more traction. Later, in November, AAX abruptly shut down as a result of main executives quitting, staff firings, and the inability of investors to withdraw funds. Thousands of individuals thus lost their money.

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