ChainCatcher news reports that former Philippine mayor Alice Guo is associated with the now-defunct Atom Asset Exchange (AAX), which laundered money and stole customers' crypto assets in 2022.Additionally, Hong Kong police stated that Su Weiyi is the "mastermind" behind AAX, which once had over 2 million users and is now closed. He is accused of absconding with at least $2.15 million of customer cryptocurrency. However, a petition claims that this figure is at least $30 million. Su Weiyi co-owns other companies with partners linked to convicted felons Alice Guo and Huang Zhiyang (Baofu partner).Guo faces 87 charges of money laundering, as well as charges of operating an illegal gambling syndicate and human trafficking. If convicted, she and her accomplices could face up to 1,218 years in prison. Guo denies all charges.

ChainCatcher news, according to reports, the virtual currency trading platform AAX has ceased operations since the end of 2022, and customers have been unable to withdraw related virtual assets. Hong Kong police arrested another 39-year-old local man yesterday, suspected of managing the platform. The police stated that after further investigation, the Commercial Crime Bureau identified a man related to the case. This man left Hong Kong in November 2022 and was arrested upon his return to Hong Kong yesterday.

ChainCatcher news, this afternoon in Hong Kong a press conference was held regarding the AAX fraud case. According to the press conference, two employees have been arrested, a 37-year-old and a 44-year-old man from Hong Kong. Sources speculate based on their ages that the two may be AAX executives.Previous report, AAX has hidden its official YouTube channel, and withdrawals have been suspended for over 15 days. (Source link)

ChainCatcher news, according to local media reports, Nigerian users recently stormed into the AAX trading platform's office in Lagos and assaulted employees. It is reported that the angry users demanded the exchange lift the withdrawal freeze. The Nigerian Blockchain Technology Association (SIBAN) issued a statement opposing the attack by angry Nigerian users on AAX employees. (source link)

ChainCatcher news, according to a report by CoinDesk citing the former communications chief of AAX, the cryptocurrency exchange AAX is now more likely to dissolve rather than resume normal operations. "I think the more likely scenario is that the company will adopt a more legitimate disclosure process, the information flow is rapidly deteriorating, and decision-making is becoming more opaque."Earlier reports indicated that on November 21, AAX stated there was a chance to secure enough funding in the coming weeks and resume normal operations. Subsequently, AAX deleted its official YouTube channel and Facebook account. (CoinDesk)

ChainCatcher news, AAX Vice President Ben Caselin stated on social media that he has left AAX. He mentioned: "I did fight for the community, but the initiatives we proposed were not accepted, and I am powerless... I still believe things will be handled without malice, but the damage has been done. The brand is no longer there, and trust has been broken."Previous news, AAX has recently hidden or deleted its social media accounts such as YouTube, and the platform has been unable to process withdrawals for over 15 days, leading some community members to panic that the project team has run away. (Source link)

ChainCatcher news, cryptocurrency exchange AAX has currently hidden its official YouTube channel. ChainCatcher reporters clicked on the official Twitter account link to a YouTube video shared earlier, which shows that the related video is private and cannot be viewed, but it still appears normally on the Twitter page, suggesting that the official YouTube channel has been hidden.In addition, the aax.com official homepage indicates that the system is being upgraded and will take 7-10 days, but this announcement was made before November 13, and related withdrawal functions have been suspended for over 15 days. Currently, the AAX Telegram user rights protection group has 1,155 members, most of whom are users from Hong Kong and Taiwan.Previous news reported that AAX announced on November 21 that it optimistically estimates that AAX has a chance to secure sufficient funds and resume normal operations in the coming weeks.

ChainCatcher news, cryptocurrency exchange AAX announced over the weekend that it met with more than 50 investors in the past week, some of whom have entered into negotiation stages. There is an optimistic estimate that AAX has the opportunity to secure sufficient funding and resume normal operations in the coming weeks. According to CoinDesk, AAX stated that it will close derivatives contract trading at 0:00 Beijing time on November 22 and will use prices on Binance to liquidate all futures positions.Previous report, on November 15, AAX stated that it is seeking financing to restore services, and if the financing fails, it will initiate legal proceedings to ensure asset distribution. (Source link)

ChainCatcher news, AAX trading platform released an update stating that AAX's capital position is under significant pressure. In order to restore all services, AAX will need to raise new funds. While this is clearly a very difficult environment to raise new capital, the amount is not considered large by market standards. Existing shareholders have already injected additional funds over the past week.If AAX can inject additional funds before this weekend, AAX should be able to restore services as usual. If AAX is unable to secure funding to resume operations, AAX commits to initiating legal proceedings to ensure the distribution of assets and to maintain ongoing communication with the global user base and relevant stakeholders regarding the details.Previously, AAX exchange suspended all operations, stating "7-10 days needed to reconcile and restore user assets." (source link)

ChainCatcher news, AAX exchange suddenly announced the suspension of all operations, including trading and withdrawals, stating that "the current system upgrade requires our third-party partners to verify and restore all user asset data. Due to the current market situation, the time required for integration is longer than usual, and we are currently queued to complete it within 7-10 days."However, AAX's Head of Research and Strategy, Ben Caselin, stated in the community that maintenance will take longer, and AAX is discussing enabling withdrawals during the ongoing maintenance.According to Coingecko data, AAX is ranked among the top twenty derivatives exchanges. AAX is a cryptocurrency exchange established in Hong Kong in 2019. (source link)