Hong Kong Cryptocurrency Platform AAX Fraud Case: 191 Users Lost 81 Million, 39-Year-Old Man Charged with Embezzling 630 Million on 4 Counts

2026-02-26 10:04:24

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Deep Tide TechFlow News, February 26 — According to Hong Kong 01, the virtual currency trading platform AAX suddenly ceased operations in November 2022 under the pretext of “system maintenance,” preventing 2 million users from withdrawing their assets. Police have taken statements from 191 victims, confirming losses of approximately HKD 81 million. A 39-year-old man suspected of managing the platform and fleeing Hong Kong after stealing about HKD 633 million worth of virtual currency was arrested upon returning to Hong Kong in July 2024. He has been charged with three counts of “theft” and one count of “fraud.” The case was brought before the Eastern Magistrates’ Court today (February 26, 2026). Police investigations revealed that the platform had already encountered issues with assets when claiming “system maintenance,” and the mastermind, Su Wei Yi, reportedly fled with the stolen funds.

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