Now, Hong Kong police have arrested Liang Haoming and Thor Chan, two executives connected to AAX. Police have reportedly accused the men of using the maintenance excuse to halt customer withdrawals while dealing with a liquidity crisis.
The Hong Kong-headquartered AAX cryptocurrency exchange suddenly halted withdrawals on November 13, claiming they were performing temporary system maintenance. However, withdrawals were never re-enabled, and customers quickly realized the exchange was unlikely to resume withdrawals. Some even began searching for the whereabouts of AAX execs, showing up at offices in Hong Kong and Singapore.
- "2 executives of crypto exchange AAX arrested in Hong Kong: Report", CoinTelegraph
- "虛擬貨幣交易平台AAX倒閉 警拘兩男涉欺詐 主腦捲2.3億潛逃海外", 香港01 (in Chinese)