Two suspects arrested in Hong Kong for AAX fraud

Hull Invest

Two men involved in the AAX investigation were arrested in Hong Kong on December 23, according to local sources.

The individuals were arrested on suspicion of fraud and misleading police officers, according to local law enforcement.

AAX Bankruptcy

On November 28th, just weeks after the FTX demise, AAX Exchange Vice President Ben Caselin announced his resignation. Caselin said he resigned because he disagreed with the company’s recent decisions.

Caselin reportedly disagreed with AAX’s decision to declare bankruptcy and liquidate all assets. However, the company’s decision was accompanied by the caveat that the employee could only receive his November salary and users could only recover half of their assets.

A local news source indicated that AAX users lost more than 100 million yuan in total. This equates to him $14.3 million.

Impact of FTX Fallout on Retail Investors

A recent report examining the impact of key events in 2022 revealed that FTX had the greatest impact on anyone going bankrupt or bankrupt.

The report considered the collapse of Terra-Luna and the bankruptcies of Voyager, BlockFi, Celsius, Mt.Gox, and FTX.

Number of crypto investors affected
Number of crypto investors affected

According to the numbers, the impact of FTX has impacted over 1 million investors. That’s significantly more than his 600,000 and his 572,000 investors affected by the Celsius and Blockfi bankruptcies, respectively.

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