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The Hong Kong police on Friday arrested two local individuals, suspecting them of involvement in fraud related to the AAX crypto exchange. According to a police press conference, the arrested are suspected of fraud and misleading law enforcement.
Kung Hing-fun, Part of the Commercial Crime Bureau's Fraud Division, said that through "false information, news, and illegal means," the trading platform [AAX] stopped operating, so investors have "failed to get back their virtual assets," as per translation by Forkast. It is unclear how exactly the arrested were involved in the failed crypto exchange.
In late November, AAX deleted its accounts on Facebook and YouTube with no explanation after it had halted withdrawals for customers, citing a glitch in a system upgrade.
AAX Singapore CEO, Wenn Sheng Chioh, also deleted mentions of the exchange in his profile on LinkedIn. According to a tweet from @TechFlowPost, AAX is rumored to be dissolved, with employees only be paid until November. Ben Caselin, Vice President of AAX, also resigned from his role at the exchange, saying there's no such brand as AAX and trust in the exchange is "broken."
