Bitcoin ETF

Bitcoin

Read

The defunct Atom Asset Exchange (AAX) in Hong Kong has started moving large amounts from inactive wallets. Ether worth over $56 million has been moved to different trading platforms, which has caused doubts about the objective of these transactions.
<h2 id="funds-movement-sparks-concern">Funds Movement Sparks Concern</h2>
Cyvers Alerts, a blockchain analytics firm, reported that over 24,000 Ether, worth about $55.6 million, began to be moved from <a href="https://coingape.com/crypto-exchanges-bitfront-aax-suspends-services-amid-ftx-contagion/" rel="noopener noreferrer nofollow">AAX Exchange</a> wallets at the beginning of this month.&nbsp;
Analysts point out that the manner of these transactions reflects an effort to evade <a href="https://coingape.com/us-government-charges-binance-with-conspiracy-and-fraud/" rel="noopener noreferrer nofollow">Anti-Money Laundering</a> (AML) controls. Additionally, it has become known that part of the funds linked with the exchange has been frozen by Tether, making the unfolding event more intriguing.
Before its abrupt failure in November 2022, AAX had over 2 million registered users, making it one of Hong Kong’s largest crypto exchanges. The collapse was caused by the cessation of withdrawals and erasure of all social networks due to exposure to counterparty risks. This action followed the bankruptcy filing of another crypto behemoth, the <a href="https://coingape.com/ftx-bankruptcy-bahamian-bank-indicted-over-secret-sbf-credits/" rel="noopener noreferrer nofollow">FTX</a>, emphasizing a period of crypto chaos.
<h2 id="arrests-and-allegations">Arrests and Allegations</h2>
The fallout of the shutdown led to the arrests of AAX’s ex-CEO, Thor Chan, and board member Haoming Liang, by the <a href="https://coingape.com/hong-kongs-may-deadline-solidifies-crypto-leadership-in-asia-alongside-singapore/" rel="noopener noreferrer nofollow">Hong Kong</a> police. They were arrested for trying to escape the city during a crisis. Despite this, the exchange’s founder, whose identity is yet unknown, is alleged to be at large with large amounts of user funds and the vital private keys to the exchange’s wallets.
This has left 2 million AAX users unable to access their accounts or withdraw their assets. Complaints from victims worldwide, including mainland China, Taiwan, Italy, France, and others, have been received with losses totaling HK$98 million. The police investigation established a deceitful ploy where system maintenance was falsely claimed to stop asset withdrawal, resulting in vast sums of money being lost.
<h2 id="hong-kong-police-action-and-asset-recovery">Hong Kong Police Action and Asset Recovery</h2>
Police have promptly taken action in response to the fraudulent activities and arrested two people related to AAX. Ongoing efforts are being pursued to map the path of the transferred funds and retrieve the affected <a href="https://coingape.com/hong-kong-police-investigate-jpex-exchange-after-4-3mn-in-complaints/" rel="noopener noreferrer nofollow">users’ assets</a>. The police have also warned about the risks associated with cryptocurrency trading, especially in light of recent operational difficulties faced by various platforms.
Read Also: <a href="https://coingape.com/bitcoin-etf-hype-is-likely-impacting-coinbases-popularity-among-retail-investors/?utm_source=cgtelegram" rel="noopener noreferrer nofollow">Bitcoin ETF Hype is Likely Impacting Coinbase’s Popularity Among Retail Investors</a>
The post <a href="https://coingape.com/hong-kongs-failed-aax-exchange-transfers-56m-in-ether/" rel="noopener noreferrer nofollow">Hong Kong’s Failed AAX Exchange Transfers $56M in Ether</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Hong Kong’s Failed AAX Exchange Transfers $56M in Ether

目錄

Coingape News Media

在 2024年2月20日發表的其他文章

Bitcoin Experiences Quick Price Swing, Startling the Market

Binance Crypto Exchange Lists New Altcoin Starknet (STRK)

Is ChatGPT Spying on You? Hackers Caught, Privacy Concerns Raised

Analysts Bullish on Ethereum’s Imminent Rise to $3K: Here’s Why

UNKJD Soccer Game Kicks Off in Brazil with Exciting Features

Trading fund Joins Kelexo Presale while ETH & SOL Coins hit new highs in 2024

訂閱免費電子報，每天收取加密貨幣最新動態！