TechFlow News: On February 26, according to Hong Kong 01, the cryptocurrency exchange AAX abruptly suspended operations in November 2022, citing “system maintenance” as the reason—leaving two million users unable to withdraw their assets. Police have taken statements from 191 victims, confirming losses totaling approximately HK$81 million. A 39-year-old man, suspected of managing the platform and absconding with roughly HK$633 million worth of cryptocurrency before fleeing Hong Kong, was arrested upon his return in July 2024. He is currently charged with three counts of “theft” and one count of “fraud.” The case appeared today (February 26, 2026) at the Eastern Magistrates’ Courts. Police investigations revealed that asset-related issues had already arisen when the platform publicly announced “system maintenance”; the alleged mastermind, Su Weiyi, reportedly fled with the funds and remains at large.
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