PANews, February 26 — According to Hong Kong media outlet HK01, Hong Kong virtual currency trading platform AAX ceased operations in mid-November 2022 citing system maintenance and updates. Over 300 customers were unable to recover nearly HKD 100 million in assets. Hong Kong law enforcement authorities investigated and found suspected false information and illegal means used to cause the platform to shut down. The responsible party fled Hong Kong with virtual currency wallets and private keys, but was later arrested after returning to Hong Kong. Today, Hong Kong police stated that, after thorough investigation, a total loss of approximately HKD 81 million was suffered by 191 victims. The AAX operator withdrew about HKD 633 million worth of virtual currency after the platform ceased operations. He has now been charged with three counts of theft and one count of fraud.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
U.S. Treasury Sanctions Cambodian Senator Kok An Over Crypto Scam Network Targeting Americans
Gate News message, April 24 — The U.S. Treasury's Office of Foreign Assets Control (OFAC) has sanctioned Cambodian senator Kok An, who allegedly controls scam compounds throughout the country, along with 28 other individuals and entities linked to his network. The move targets what OFAC describes as
GateNews16m ago
Arbitrum Security Council Freezes $71M in KelpDAO Attack Funds, Reigniting Decentralization Debate
Gate News message, April 24 — Arbitrum's Security Council froze approximately 30,000 ETH (roughly $71 million) in associated funds from the KelpDAO attack on April 24, triggering renewed discussion across the crypto industry about the true meaning of
GateNews1h ago
Jane Street Seeks to Dismiss Terraform Labs' Insider Trading Lawsuit
Gate News message, April 23 — Jane Street has filed a motion with the U.S. District Court for the Southern District of New York seeking dismissal of a lawsuit filed by Terraform Labs, which accused the quantitative trading firm of precipitating the collapse of the UST/LUNA algorithmic stablecoin eco
GateNews5h ago
U.S. Treasury Sanctions Cambodian Senator Over Crypto Scam Network
## Overview
The U.S. Treasury Department sanctioned Cambodian Senator Kok An and 28 entities associated with him on Thursday, according to the Treasury's Office of Foreign Assets Control (OFAC). The action targets what officials describe as a massive crypto scam operation in Southeast Asia.
## The
CryptoFrontier8h ago
Tether freezes $344 million in USDT on the Tron network: OFAC collaboration, two addresses implicated in sanctions evasion
According to a Decrypt 4/23 report, stablecoin issuer Tether froze two wallets on the Tron chain that day, totaling $344 million USDT—one of the largest single-instance freezing actions in Tether’s history. The entity coordinating the action did so in conjunction with the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) and U.S. law enforcement agencies. The two addresses were marked as allegedly involved in sanctions evasion, criminal networks, or other illegal activities.
Two Tron addresses total $344 million USDT frozen
Decrypt cites Tether data, saying that this freeze was concentrated on the Tron network, broken down into the following two transactions:
Address (prefix) Frozen amount Chain TNiq9…QZH81 About $213 million USDT Tron
ChainNewsAbmedia9h ago
