The 2 Masterminds Behind AAX Conspired To Scam $30 Million And Escaped Abroad

Key Points:

  • The 2 masterminds behind AAX who were arrested by the HK police are Weigao Capital’s director, shareholder and CEO Liang Haoming, and AAX’s founder and former CEO, Thor Chan.
  • 337 reported worldwide with damage amounting to over US$12.7 million.
  • 2 Bank accounts as well as a 30 million dollar crypto wallet have been frozen.
As mentioned in previous Coincu News article, On December 23, 2 masterminds behind AAX were taken into custody in Hong Kong. The people were detained police on fraud and “misleading officer” accusations, according to local law enforcement.

According to the latest source, the two men arrested are director, shareholder and CEO of Weigao Capital Liang Haoming, and founder and former CEO of AAX Chen Zhenxiong (Thor Chan).

The 2 Masterminds Behind AAX Conspired To Scam $30 Million And Escaped Abroad

Earlier, when a reporter from “Hong Kong 01” contacted Chen Zhenxiong, he also replied that he had resigned from all posts in AAX over a year ago but because of the procedure, he forgot to resign as director of “AAX Technology”, or forgot to register this company Dissolved, the company has no actual operation.

As it was updated in an earlier Coincu News article, on November 12 this year that it will be shutting down for system maintenance and updates, so customers cannot buy, sell or withdraw virtual assets. But then key people of the company were found to have denied all communications from users.

Since November 16, police have been receiving consecutive requests for help from sufferers, saying that the platform has stopped working. As of today, police have received 337 reports from different regions, including mainland China, Taiwan, Italy and France.

Among them, 190 people were local residents, the total amount of damage ranged from a few hundred Hong Kong dollars to $12.7 million.

Police froze two bank accounts of the company involved and the person involved, with a total asset value of about 2 million yuan, and seized two properties on Hong Kong Island and Kowloon, with total value about 55 million yuan. Two properties belonged to the fugitive mastermind and one of those arrested.

The 2 Masterminds Behind AAX Conspired To Scam $30 Million And Escaped Abroad
The relevant evidence was seized

Senior Inspector Huang Zhongli added that the current $30 million worth of assets in the virtual wallet have not been embezzled, there is no trace of loss and they are temporarily safe. The police will continue to monitor the cash flow, the flow of virtual money in the wallet and will be in close contact with the overseas departments in the near future.

This story is still ongoing, more details will be revealed during the investigation. So follow Coincu News to receive the earliest information.

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