According to local authorities, the executives used 'system maintenance' as an excuse to prevent customers from withdrawing assets.
Hong Kong police arrested two executives of the crypto exchange AAX accused of fraud and misleading the police, according to local media reports.arrested
One of the executives also lied to the police about the timeline of his activities in the company, deliberately misleading enforcement authorities, the police investigation revealed. The Hong Kong-based platform has been shut down since mid-November for"system maintenance," leaving 2 million registered users without access to their funds. Since then, local police have received over 337 reports from victims in China, Taiwan, Italy, and France.
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