CryptoMediaClub
Saturday, July 19, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home All news

AAX Mastermind Arrested, Faces Court Over Alleged $26 Million Fraud

20.07.2024
A A
0
121
VIEWS
ShareShare

The mastermind behind the collapse of the digital currency platform AAX has been arrested after evading authorities for 20 months.

According to a recent report by Oriental Daily News, the 39-year-old man was apprehended upon re-entering Hong Kong on July 18. He is set to appear in Eastern Law Court on July 20 to face charges related to a $26 million fraud.

AAX’s Collapse and $26 Million Fraud

The local cryptocurrency exchange AAX ceased operations in November 2022, leaving over 300 customers unable to withdraw approximately $12.8 million in assets.

Authorities discovered the shutdown was orchestrated through false information and illegal methods, prompting an extensive investigation.

On December 23, 2022, law enforcement authorities arrested two local men on suspicion of fraud, with one of them also suspected of misleading police officers.

During the investigation, law enforcement agencies froze assets totaling approximately $256,100 in the bank accounts of the involved company and suspects, as well as properties valued at $7 million.

It was later discovered that the AAX’s mastermind behind the scheme had already fled Hong Kong with his crypto wallet and private keys. This individual managed the digital currency platform and orchestrated its collapse through false information and illegal means.

The man left Hong Kong in November 2022 and was arrested when he re-entered. As of today, law enforcement agencies have received reports from 890 victims, involving a total amount of $26 million.

Hong Kong SFC Cautions Against Exchanges

Recently, the Hong Kong Securities and Futures Commission (SFC) has identified seven crypto exchanges operating without authorization and has added them to its Alert List for conducting activities in the region without the necessary licenses.

The public record, known as the Alert List, has been maintained since January 2020. On July 5, seven new unlicensed exchanges were added, increasing the total to 39 entries. This year alone, 28 unlicensed crypto exchanges have been flagged.

The post AAX Mastermind Arrested, Faces Court Over Alleged $26 Million Fraud appeared first on Cryptonews.

Share9Tweet6ShareSharePin2

Related Posts

Crypto Price Prediction Today 18 July – XRP, Ethereum, Solana
All news

Crypto Price Prediction Today 18 July – XRP, Ethereum, Solana

19.07.2025
0

Bitcoin ($BTC), the unrivalled frontrunner in the crypto sector, is now trading a mere 2.8% below its record price peak...

Read moreDetails
Ex-Pump.fun Dev Behind $2M Theft Jailed in London for Bail Breach, Faces 7+ Years Prison

Ex-Pump.fun Dev Behind $2M Theft Jailed in London for Bail Breach, Faces 7+ Years Prison

18.07.2025
GENIUS Act Clears Congress as Meme Coins Hit $82B – Snorter Says It’s Sniping Season, ICO Passes $2M

GENIUS Act Clears Congress as Meme Coins Hit $82B – Snorter Says It’s Sniping Season, ICO Passes $2M

18.07.2025
The Nordics First Major Bitcoin Conference BTCHEL Slated for August 2025

The Nordics First Major Bitcoin Conference BTCHEL Slated for August 2025

18.07.2025
XRP, BTC Holders Turn to APT Miner for Stable Investing

XRP, BTC Holders Turn to APT Miner for Stable Investing

18.07.2025
Load More
Next Post
XRP Ledger Sees Highest Activity Since March: Price Prediction

XRP Ledger Sees Highest Activity Since March: Price Prediction

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Best Crypto to Buy Today March 5 – Starknet, Theta Network, Optimism

Best Crypto to Buy Today March 5 – Starknet, Theta Network, Optimism

1 year ago

Dormant Bitcoin address moves 3k BTC after price increased 6000% in 6 years

2 years ago
Breaking: $234 Million Drained From Indian Exchange WazirX, Withdrawals Suspended

Breaking: $234 Million Drained From Indian Exchange WazirX, Withdrawals Suspended

1 year ago
Base Dawgz Raises $2.8M as Base Chain Accounts Grew 56% in July

Base Dawgz Raises $2.8M as Base Chain Accounts Grew 56% in July

12 months ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

GENIUS Act Clears Congress as Meme Coins Hit $82B – Snorter Says It’s Sniping Season, ICO Passes $2M

The Nordics First Major Bitcoin Conference BTCHEL Slated for August 2025

XRP, BTC Holders Turn to APT Miner for Stable Investing

Thailand Launches National Crypto Sandbox for Tourists

Pepe Price Prediction: Is PEPE Going To Follow XRP And Hit a New ATH In July 2025?

More Than Third of Users Already Use Crypto for Everyday Payments

Trending

Ethereum attracts record ETF inflows and 39% fee drop in Q2, supporting stronger outlook for Q3
Analysis

Ethereum attracts record ETF inflows and 39% fee drop in Q2, supporting stronger outlook for Q3

19.07.2025
0

Ethereum (ETH) registered significant improvements in the second quarter, including increased inflows of exchange-traded funds (ETFs), layer-2...

Crypto Price Prediction Today 18 July – XRP, Ethereum, Solana

Crypto Price Prediction Today 18 July – XRP, Ethereum, Solana

19.07.2025
Ex-Pump.fun Dev Behind $2M Theft Jailed in London for Bail Breach, Faces 7+ Years Prison

Ex-Pump.fun Dev Behind $2M Theft Jailed in London for Bail Breach, Faces 7+ Years Prison

18.07.2025
GENIUS Act Clears Congress as Meme Coins Hit $82B – Snorter Says It’s Sniping Season, ICO Passes $2M

GENIUS Act Clears Congress as Meme Coins Hit $82B – Snorter Says It’s Sniping Season, ICO Passes $2M

18.07.2025
The Nordics First Major Bitcoin Conference BTCHEL Slated for August 2025

The Nordics First Major Bitcoin Conference BTCHEL Slated for August 2025

18.07.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz