AAX Fraud Case Update: The High Court held a hearing today, the man accused of managing the platform faces charges of theft and fraud
By: theblockbeats.news|2026/02/26 11:06:17
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BlockBeats News, February 26th, according to Hong Kong 01, the cryptocurrency exchange "AAX" started to shut down in mid-November 2022, citing "system maintenance" as the reason. The platform's 2 million registered users were unable to check their balances through their accounts, nor could they withdraw or transfer their assets. As of July 19, 2024, the police received reports from 890 victims, involving a total of 208 million yuan. Subsequently, the police arrested two male suspects, including Leung Ho Ming, Director, Shareholder, and CEO of Weigo Capital; Thor Chan, Founder and former CEO of AAX. However, the mastermind behind the scenes, Su Weiyi, managed to escape.
The police stated that as of today (February 26, 2026), officers from the Commercial Crime Bureau have taken statements from 191 victims, whose total losses amounted to approximately 81 million Hong Kong dollars. After the platform ceased operations, the platform's operators withdrew approximately 633 million Hong Kong dollars worth of cryptocurrency from the platform.
A 39-year-old local man related to the case, suspected of managing a related cryptocurrency exchange, left Hong Kong in November 2022 and was arrested upon entering Hong Kong on July 18, 2024. After seeking legal advice, the man, who was 39 years old at the time of his arrest, was charged with 3 counts of "theft" and one count of "fraud," and the case was brought before the Eastern Magistrates' Courts this morning.
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