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AAX Fraud Case Update: The High Court held a hearing today, the man accused of managing the platform faces charges of theft and fraud
BlockBeats News, February 26th, according to Hong Kong 01, the cryptocurrency exchange "AAX" started to shut down in mid-November 2022, citing "system maintenance" as the reason. The platform's 2 million registered users were unable to check their balances through their accounts, nor could they withdraw or transfer their assets. As of July 19, 2024, the police received reports from 890 victims, involving a total of 208 million yuan. Subsequently, the police arrested two male suspects, including Leung Ho Ming, Director, Shareholder, and CEO of Weigo Capital; Thor Chan, Founder and former CEO of AAX. However, the mastermind behind the scenes, Su Weiyi, managed to escape.
The police stated that as of today (February 26, 2026), officers from the Commercial Crime Bureau have taken statements from 191 victims, whose total losses amounted to approximately 81 million Hong Kong dollars. After the platform ceased operations, the platform's operators withdrew approximately 633 million Hong Kong dollars worth of cryptocurrency from the platform.
A 39-year-old local man related to the case, suspected of managing a related cryptocurrency exchange, left Hong Kong in November 2022 and was arrested upon entering Hong Kong on July 18, 2024. After seeking legal advice, the man, who was 39 years old at the time of his arrest, was charged with 3 counts of "theft" and one count of "fraud," and the case was brought before the Eastern Magistrates' Courts this morning.
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WEEX P2P update: Country/region restrictions for ad posting
To improve ad security and matching accuracy, WEEX P2P now allows advertisers to restrict who can trade with their ads based on country or region. Advertisers can select preferred counterparty locations for a safer, smoother trading experience.
I. Overview
When publishing P2P ads, advertisers can now set the following:
Allow only counterparties from selected countries or regions to trade with your ads.
With this feature, you can:
Target specific user groups more precisely.Reduce cross-region trading risks.Improve order matching quality.
II. Applicable scenarios
The following are some common scenarios:
Restrict payment methods: Limit orders to users in your country using supported local banks or wallets.Risk control: Avoid trading with users from high-risk regions.Operational strategy: Tailor ads to specific markets.
III. How to get started
On the ad posting page, find "Trading requirements":
Select "Trade with users from selected countries or regions only".Then select the countries or regions to add to the allowlist.Use the search box to quickly find a country or region.Once your settings are complete, submit the ad to apply the restrictions.
When an advertiser enables the "Country/Region Restriction" feature, users who do not meet the criteria will be blocked when placing an order and will see the following prompt:
If you encounter this issue when placing an order as a regular user, try the following solutions.
Choose another ad: Select ads that do not restrict your country/region, or ads that allow users from your location.Show local ads only: Prioritize ads available in the same country as your identity verification.
IV. Benefits
Compared with ads without country/region restrictions, this feature provides the following improvements.
Aspect
Improvement
Trading security
Reduces abnormal orders and fraud risk
Conversion efficiency
Matches ads with more relevant users
Order completion rate
Reduces failures caused by incompatible payment methods
V. FAQ
Q1: Why are some users not able to place orders on my ad?
A1: Their country or region may not be included in your allowlist.
Q2: Can I select multiple countries or regions when setting the restriction?
A2: Yes, multiple selections are supported.
Q3: Can I edit my published ads?
A3: Yes. You can edit your ad in the "My Ads" list. Changes will take effect immediately after saving.
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