TechFlow reports, according to Cyvers Alerts investigation, 21 days ago, $55.6 million worth of ETH began moving from the allegedly fraudulent exchange AAX to an address starting with 0x1413A. This address has been laundering funds via DEX services and has already bridged $20 million to TRON using SwftCoin, still holding $30.5 million.
Cyvers Alerts stated that AAX is a Hong Kong-registered exchange whose CEO, Thor Chan, resigned in May 2021. Just two days after FTX filed for bankruptcy, AAX suspended all withdrawals on November 13, 2022, and deleted its social media accounts. On December 16, 2022, both its website and application ceased operations. Initially, AAX attributed the freeze to security measures in response to an alleged malicious attack.
