TechFlame reports that since mid-November 2022, the Hong Kong cryptocurrency exchange AAX has suspended operations under the pretext of system maintenance and updates, leaving over 300 customers unable to retrieve assets worth nearly HK$100 million. Hong Kong law enforcement authorities, after investigation, discovered that the platform’s shutdown was allegedly caused by false information and illegal means, with the person in charge fleeing Hong Kong with cryptocurrency wallets and private keys before returning to the city and being arrested. Hong Kong police stated that, following an in-depth investigation, losses totaling approximately HK$81 million were reported by 191 victims. Meanwhile, the AAX executive withdrew cryptocurrencies worth about HK$633 million after the platform ceased operations. He is currently facing three counts of theft and one count of fraud.