Hong Kong cryptocurrency exchange AAX ceased operations in mid-November 2022 citing system maintenance and updates, leaving over 300 customers unable to recover nearly HK$100 million in assets. Hong Kong law enforcement investigations revealed that the platform's shutdown was allegedly caused through false information and illegal means. The person in charge fled Hong Kong with cryptocurrency wallets and private keys, but was later arrested upon returning. Hong Kong police stated today that a thorough investigation revealed losses totaling approximately HK$81 million to 191 victims. The AAX person in charge withdrew approximately HK$633 million worth of cryptocurrency after the platform's closure and has been charged with three counts of theft and one count of fraud. (Hong Kong 01)