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
A certain CEX reached a settlement with the U.S. CFTC, paid a $500,000 fine, and was barred from providing unregistered services to U.S. customers.
Peken Global has agreed to pay $500,000 to the CFTC to resolve a civil lawsuit, because as an unregistered platform it illegally allowed U.S. residents to trade. The company did not admit the allegations, but agreed to avoid providing services to U.S. customers. The CFTC said that U.S. customers generated approximately $110 million in trading fees for it.
GateNews29m ago
The NFL has asked for the delisting of manipulation-prone contracts in prediction markets, and the CFTC respects the league’s position
The National Football League (NFL) requires prediction market platforms to cease offering contracts that are easily manipulated and emphasizes that these contracts lack randomness, which could constitute insider trading. The CFTC chair stated that it will respect each league’s views and that the regulatory landscape may change. Additionally, the NFL and MLB have adopted different strategies—adversarial and cooperative—when dealing with prediction markets, reflecting different perspectives among professional sports organizations regarding regulation.
MarketWhisper55m ago
Hindenburg is shorting the U.S. crypto-friendly bank SoFi, accusing it of allegedly inflating profits by $1 billion.
A short-seller report by Muddy Waters accuses SoFi’s management of inflating profits, taking bonuses, and claims that its $312 million borrowing was incorrectly recorded as loan sales, potentially leading to a restatement of financial data and shareholders facing a 15% dilution risk. The report says the accounting treatment does not align with the role described by JPMorgan.
GateNews1h ago
Chainalysis: Organizations linked to Russia and Iran use cryptocurrencies to buy military drones, and pro-Russian groups raise more than $8.3 million
Chainalysis reports that low-cost commercial drones have become a core tool in modern conflicts, and that Russian and Iranian organizations use cryptocurrency to fund drone procurement. Since 2022, pro-Russia groups have raised more than $8.3 million in donations, most of which were used in stablecoins. Iran’s Ministry of Defense has also accepted cryptocurrency payments for weapons.
GateNews2h ago
US Lawyer on SEC Crypto Guidance: Definition of Investment Contracts and Secondary Market Rules Still Unclear
Gibson Dunn law firm noted that although the joint guidance published by the SEC and CFTC has improved, it still does not fully address industry needs, especially regarding ambiguity in the Howey test and secondary market trading. The authors call on the crypto industry to provide feedback, urging the SEC to clearly define regulatory boundaries and avoid enforcement replacing regulation.
GateNews2h ago
U.S. Senator Questions SEC Senior Leadership Changes and the Decision to Dismiss Justin Sun’s Case
U.S. Senator Richard Blumenthal questioned SEC Chair Paul Atkins, focusing on the brief tenure and the reasons for the departure of former law-enforcement agency head Margaret Ryan—especially in the context of the SEC dropping its allegations against Tron founder Justin Sun. Ryan’s term lasted only six months; she had tried to push forward investigations into fraud cases, but faced obstacles. The SEC’s regulatory direction under the current administration has drawn market attention.
GateNews4h ago
