AAX Fraud Case Update: The High Court held a hearing today, the man accused of managing the platform faces charges of theft and fraud

By: theblockbeats.news|2026/02/26 19:06:17
0
Share
copy

BlockBeats News, February 26th, according to Hong Kong 01, the cryptocurrency exchange "AAX" started to shut down in mid-November 2022, citing "system maintenance" as the reason. The platform's 2 million registered users were unable to check their balances through their accounts, nor could they withdraw or transfer their assets. As of July 19, 2024, the police received reports from 890 victims, involving a total of 208 million yuan. Subsequently, the police arrested two male suspects, including Leung Ho Ming, Director, Shareholder, and CEO of Weigo Capital; Thor Chan, Founder and former CEO of AAX. However, the mastermind behind the scenes, Su Weiyi, managed to escape.

The police stated that as of today (February 26, 2026), officers from the Commercial Crime Bureau have taken statements from 191 victims, whose total losses amounted to approximately 81 million Hong Kong dollars. After the platform ceased operations, the platform's operators withdrew approximately 633 million Hong Kong dollars worth of cryptocurrency from the platform.

A 39-year-old local man related to the case, suspected of managing a related cryptocurrency exchange, left Hong Kong in November 2022 and was arrested upon entering Hong Kong on July 18, 2024. After seeking legal advice, the man, who was 39 years old at the time of his arrest, was charged with 3 counts of "theft" and one count of "fraud," and the case was brought before the Eastern Magistrates' Courts this morning.

You may also like

SharpLink CEO: How to understand that Ethereum developers have just surpassed 1 million?

The most important question in the cryptocurrency industry is not which chain is the fastest, but rather where top builders choose to build in the long term. Ethereum has just surpassed one million cumulative developers; what does this number mean?

Morning Report | MiCA grace period expires on July 1; Kalshi's trading volume in the first week of the World Cup breaks $5.1 billion, setting a record

Overview of Important Market Events on June 15

The foundation of SpaceX's trillion-dollar valuation: Who is dividing Musk's annual capital expenditure of tens of billions?

SpaceX Supply Chain Revealed: The Invisible Gold Mine Behind the Trillion-Dollar "Space Dream," from Nvidia's Computing Power Monopoly to China's Sole Supplier of Special Materials, these overlooked water-selling talents are the true wealth creation engine.

How to exit after asset tokenization?

Currently, three models have emerged, aimed at providing instant exit routes for tokenized real-world assets. Their differences lie in: who holds the funds required for exit, how efficiently the funds operate, and the extent to which this model can be scaled across different asset types.

The stablecoin positioning battle escalates: When compliance is just a ticket to entry, will USD1 become the biggest winner?

How does the GENIUS Act reshape the stablecoin landscape?

A16Z: The sun bears witness, SpaceX is worth 7.5 trillion

A deep analysis of Musk's ultimate grand vision: how SpaceX, xAI, and Tesla are deeply intertwined, using space AI data centers and Starships to gradually turn the sci-fi fantasies of Mars colonization and multi-planetary civilization into reality.

Popular coins

Latest Crypto News

iconiconiconiconiconiconicon
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Program:support@weex.com