From AEX Founder to Prisoner: The Rise and Fall of Huang Tianwei in Thailand
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From AEX Founder to Prisoner: The Rise and Fall of Huang Tianwei in Thailand
In July 2022, the cryptocurrency exchange AEX collapsed, causing approximately 22,000 victims to lose over $20 million.
Navigating Web3 tides with focused insightsBy 1912212.eth, Foresight News
On June 12, Thai media outlet Khaosod English reported that Thailand's Immigration Division arrested a 39-year-old Chinese man surnamed Huang (Huang Tianwei) at Don Mueang International Airport as he attempted to board Lion Air flight SL100. He is accused of involvement in a cryptocurrency fraud case involving 200 million Thai baht (approximately 44 million RMB). Huang Tianwei was the founder of AEX (An Yin Exchange), once a major player in the crypto industry. In July 2022, the cryptocurrency exchange platform AEX collapsed, suspending withdrawals and citing short-term liquidity issues that prevented it from meeting user withdrawal demands.
This arrest has not only unveiled the mystery surrounding Huang’s whereabouts in recent years but also brought the AEX exchange's collapse back into public view.
Huang Tianwei and the Rise of AEX
Huang Tianwei is one of the early representatives in China's cryptocurrency industry. He founded BTCTimes (Bitinfo), one of China's earliest Bitcoin exchanges, in 2013. At the time, the cryptocurrency market was still in its wild growth phase, with volatile Bitcoin prices attracting numerous speculators and early investors. BTCTimes quickly built up a user base through low fees and flexible trading mechanisms, becoming a well-known trading platform.
In 2018, BTCTimes rebranded as AEX (An Yin Exchange) and began expanding globally. AEX focused on high-yield financial products and high-leverage trading, attracting a large number of retail investors. According to X user @chaoge_btc, during its peak, AEX had a massive user base and claimed to manage assets worth several billion dollars.
Huang himself was seen within the crypto community as a legendary entrepreneur due to his sharp market instincts and aggressive operational strategies. However, this high-return model concealed significant risks.
AEX Collapse and Huang’s Escape
In 2021, AEX began experiencing liquidity problems. As revealed by user @0xwanchongshan, AEX suspended withdrawal functions in 2022 due to "liquidity issues," leaving many users unable to access their funds. Investors later discovered that the platform's promised high-yield financial products were actually a Ponzi scheme, relying on new users’ deposits to pay interest to earlier investors. When the market entered a bear cycle and funding dried up, AEX quickly faced a run on the platform.
According to @chaoge_btc, the AEX collapse affected approximately 22,000 victims who collectively lost over $20 million, including 147 bitcoins lost by @chaoge_btc personally.
The AEX collapse triggered widespread protests and claims for compensation, but Huang disappeared at this critical moment. In 2021, he was briefly detained by local police in Guigang, Guangxi, but was subsequently released. X users reported that after his release, Huang swiftly fled to Thailand, attempting to live a low-profile life to evade accountability. This development angered many victims, who organized维权 actions via social media and even pursued cross-border recovery efforts—largely without success.
The Spark Behind the Thai Fraud Case
Huang’s life in Thailand was far from peaceful. On April 23, 2025, two Chinese nationals met with Huang in Mae Sai District, Chiang Rai Province, to discuss a cryptocurrency investment collaboration. According to Thai police, Huang lured the two victims with promises of high returns, convincing them to invest around 200 million Thai baht in Bitcoin. After the investment, the funds quickly vanished and Huang went offline. The victims immediately filed a report with the Chiang Rai local court, which issued an arrest warrant on April 23, 2025, accusing Huang of serious fraud.
On June 12, Huang was apprehended by immigration authorities at Don Mueang International Airport. During routine checks, Thai police found that Huang’s passport information matched the arrest warrant issued by the Chiang Rai court and promptly detained him. He has since been transferred to the Mae Sai Police Station in Chiang Rai for further investigation. On June 14, eight self-identified AEX victims gathered outside Chiang Rai District Police Station demanding to meet Huang, but authorities stated the AEX collapse was unrelated to the current Thai fraud case and refused the request.
Archer Wolfe, founder of cryptocurrency consulting firm MohrWolfe and former resident of Thailand, predicted in an interview with Decrypto: “Huang Tianwei will likely be extradited back to China, and the Thai government will confiscate the Bitcoin involved unless an exorbitant fee is paid—otherwise, they’ll simply close the case.”
Once a Leading Altcoin Trading Platform
Public records show that Huang Tianwei previously worked as a product manager and project manager at Tencent, and served as vice president of Fanstasy Basketball Manager. He founded BTCTimes in 2013, which became one of the most popular altcoin trading platforms at the time. “BTCTimes' traffic dwarfed Huobi, OKX, and BTC China back then,” wrote Twitter influencer Nangong Yuan.
Tianyancha shows that four companies where Huang served as legal representative—Shenzhen Era Blockchain Technology Co., Ltd., Shenzhen Zhiwei Network Co., Ltd., Shenzhen Jiuyi Era Information Technology Co., Ltd., and Shenzhen Huiqu Network Co., Ltd.—have all been deregistered. Notably, Shenzhen Zhiwei Network Co., Ltd., the main entity linked to BTCTimes, was officially dissolved in September 2021.
According to an exclusive interview published by Southern Enterprise News, Huang claimed over ten years of experience in finance, with investments spanning dozens of companies including Tianjin Shares, Bitmain, Yixiang Network, and involvement in key deals such as Montage Technology's merger, State Grid Era fundraising, and Ampere’s backdoor listing.
Following the AEX collapse, numerous protest movements emerged across social platforms—some victims traveled to his hometown to demand justice, others spray-painted messages on floors, and some even held up banners.
Insiders revealed that the case was previously investigated by the Economic Crime Investigation Detachment of Guigang Public Security Bureau in Guangxi, during which Huang was briefly arrested before being released. Foresight News will continue to follow developments in this case.
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