PANews reported on February 26 that, according to Hong Kong media outlet Hong Kong 01, the Hong Kong cryptocurrency exchange AAX ceased operations in mid-November 2022 citing system maintenance and updates, leaving over 300 customers unable to recover nearly HK$100 million in assets. Hong Kong law enforcement investigations revealed that the platform's shutdown was allegedly caused through false information and illegal means, and the person in charge fled Hong Kong with cryptocurrency wallets and private keys, later returning and being arrested. Hong Kong police stated today that a thorough investigation revealed losses totaling approximately HK$81 million to 191 victims, and the AAX person in charge withdrew approximately HK$633 million worth of cryptocurrency after the platform's closure. He has been charged with three counts of theft and one count of fraud.