Connect with us

News

Executives of crypto exchange AAX arrested

Police in Hong Kong have arrested two executives of the crypto exchange AAX accused of fraud and misleading the police. 

Published

on

Police in Hong Kong have arrested two executives of the crypto exchange AAX accused of fraud and misleading the police. 

Weigao Capital CEO Liang Haoming and former AAX CEO Thor Chan were arrested on Dec. 23. Local authorities accused them of claiming there was system maintenance as an excuse to delay customers from withdrawing assets amid liquidity issues.

One of the executives also allegedly lied to the police about the timeline of his activities in the company, deliberately misleading law enforcement.

Two bank accounts of AAX as well as the executive’s bank accounts and properties have been frozen. A third executive reportedly fled overseas with an AAX wallet and private keys that police believe contain around $30 million in digital assets. His properties in Hong Kong were seized by the police. As part of the investigation, Hong Kong authorities are working closely with overseas investigators to trace the funds.

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.

Withdrawals were halted by AAX on Nov. 14, citing a glitch in the exchange’s system upgrade. The company assured its community that the withdrawal halt had nothing to do with the collapse of crypto exchange FTX, as rumors had suggested. 

Business

Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

Published

on

Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

Continue Reading

Business

Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

Published

on

Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

Continue Reading

Business

Hackers are selling counterfeit phones with crypto-stealing malware

Published

on

Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

Continue Reading

Trending

Copyright © 2025 cryptonews.lk