Hong Kong police charged a former AAX executive with theft and fraud involving HK$633M in crypto, affecting 191 victims since the exchange suspended operations in November 2022.
Hong Kong authorities have charged a former executive of the AAX cryptocurrency exchange with three theft counts and one fraud charge related to HK$633 million in crypto assets withdrawn after the platform halted operations in November 2022. The police investigation documented 191 victim reports with total losses reaching HK$81 million. The case highlights significant risks faced by users of crypto exchanges when services are suddenly suspended, leaving assets vulnerable to potential misappropriation.