Ethereum

when

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bankrupt-hong-kong-crypto-exchange-maneuvers-funds-suspected-to-bypass-aml-measures" rel="noopener noreferrer nofollow">Bankrupt Hong Kong Crypto Exchange Maneuvers Funds Suspected to Bypass AML Measures</a><br></p>
<p style="text-align: justify">Recent revelations indicate that a Hong Kong-based cryptocurrency exchange, despite declaring bankruptcy, has engaged in the relocation of assets to various decentralized and centralized exchanges. This maneuver is interpreted as an attempt to circumvent Anti-Money Laundering (AML) regulations.</p>
<h2 id="unusual-transfer-patterns-detected">Unusual Transfer Patterns Detected</h2>
<p style="text-align: justify">Blockchain analysis firm Cyvers Alerts uncovered on February 20 that since early February, the Atom Asset (AAX) Exchange has moved a substantial sum exceeding $55.6 million, which converts to more than 24,000 Ethereum units, across different trading platforms. This activity is raising alarms with analysts suggesting that these patterns are consistent with efforts to avoid AML detection mechanisms. Additionally, <a href="https://en.bitcoinhaber.net/exploring-tethers-growth-and-regulatory-challenges-as-highlighted-by-jpmorgan" rel="noopener noreferrer nofollow">Tether</a> has flagged some of these transferred funds as originating from the exchange.</p>
<h2 id="aax-s-downfall-and-legal-troubles">AAX’s Downfall and Legal Troubles</h2>
<p style="text-align: justify">Before halting operations, AAX was a major player in Hong Kong’s crypto space, boasting a user base of over 2 million. The transfers in question predate the last recorded transactions made by AAX Exchange wallets, which took place in the latter part of 2023 and November 2022. The exchange’s difficulties compounded shortly after FTX’s bankruptcy when AAX halted withdrawals on November 15, 2022, due to counterparty risks, and subsequently went silent on all social media platforms. Furthermore, the exchange faced operational shutdowns on December 16, 2022.</p>
<p style="text-align: justify">In the aftermath, authorities apprehended AAX CEO Thor Chan and board member Haoming Liang under allegations of trying to escape Hong Kong. Compounding the intrigue, the identity of the exchange’s founder remains a mystery, and they are wanted for purported access to investor funds nearing $29.41 million USD, along with the private keys to the exchange’s wallets. Currently, AAX’s website is inactive, and their Twitter account has seen no updates since November 2022.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bankrupt-hong-kong-crypto-exchange-maneuvers-funds-suspected-to-bypass-aml-measures" rel="noopener noreferrer nofollow">Bankrupt Hong Kong Crypto Exchange Maneuvers Funds Suspected to Bypass AML Measures</a></h5>

Bankrupt Hong Kong Crypto Exchange Maneuvers Funds Suspected to Bypass AML Measures

목차

BH NEWS

2024년 2월 20일에 게재된 다른 기사

Algotech (ALGT) is the Best Coin to Buy Now Amid Stable Dogecoin (DOGE) and Shiba Inu’s (SHIB) Sh...

Groundbreaking AI Interoperability Prototype Developed by Qualcomm and Nokia

Backpack Collaborates with Banxa Amidst Surge in Trading Volume

BlockDAG Crypto’s 5000x Growth Defies the Potentials of Solana, XRP, and Meme Moguls Presale in 2024

Last Call for the Best P2E Meme Coin of 2024 – Final Chance For Potential 10x Gains at Launch

Business Report: SSE Achievements in 2023

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!