AAX is a dead exchange, it collapsed along with many others in 2022 after the fall of FTX. Read the full story here
AAX (Atom Asset Exchange) started with big promises. Launched in 2019, it was the first crypto exchange in the world to use the same tech as the London Stock Exchange. It looked fast, secure, and serious. Many believed it was the future of crypto trading.
AAX was created by a company called Atom Group. It was based in Hong Kong and had its company registered in the Seychelles. The goal was to make a safe and strong place to trade Bitcoin and other cryptocurrencies. They focused a lot on institutions and serious traders.
They used high-end tech and worked with big companies like Refinitiv, Solidus Labs, and Elliptic for safety and regulations. They also launched their own token, AAB, which gave users benefits like lower fees.
In 2020 and 2021, AAX grew fast. They offered trading for many cryptos, futures, and savings products where users could earn interest. They also had strong marketing campaigns. There were giveaways, trading competitions, and welcome bonuses. Users could earn rewards just by inviting friends.
At its top, AAX had around 2 to 3 million users. They were popular in Asia, Russia, Europe, and Africa. Everything looked good from the outside.
But in November 2022, everything changed. AAX suddenly stopped withdrawals. People couldn’t take out their money. The company said it was just “system maintenance.” They promised it would be fixed in 7 to 10 days. But it wasn’t.
Then things got worse. AAX shut down its website and social media. There was no way to contact support. One of their top people, Ben Caselin, quit and said the company had no transparency. He said the trust was broken and the brand was dead.
Users started panicking. Many had large amounts of Bitcoin or USDT stuck. Some even went to AAX’s offices, but they were empty.
Later, the police in Hong Kong arrested two people connected to AAX. One of them was the co-founder, Thor Chan. The other was a man named Liang Haoming, linked to the company Weigao Capital. A third person, probably the real founder, ran away and took the private keys to the company’s wallets. That was around $30 million in crypto.
In total, it’s estimated that users lost more than $50 million. Maybe even more. Many of them made police reports in Hong Kong, Europe, and Africa. In Cayman Islands, investors started legal actions to liquidate AAX officially.
AAX is dead. The website is gone. The team is gone. Some people are still trying to get their money back, but chances are low. The brand AAX is not used anymore.
Authorities are still trying to find the missing person and the crypto. Some money was moved in 2024, which shows the wallets are still active. But no one knows who is behind it.
AAX looked like a safe and professional exchange. But in the end, it was not. When trust is broken, everything falls apart. This is a big reminder: if you don’t control your keys, you don’t control your crypto.
Always be careful. Centralized exchanges can be risky. Even the big ones.
| Founded | 2018 |
|---|---|
| Defunct | 2022 |
KYC is not required to crate a trading account. In order to use all the features on the exchange KYC is necessary.
I'm Marten, a crypto nerd and tech writer who’s been deep into blockchain since 2015. I started with Bitcoin trading and later got into Ethereum and smart contracts. Over the years, I’ve tested all kinds of platforms, from DeFi tools and P2P betting sites to Web3 apps. On kryptium.co, I write simple and honest articles to help people understand what’s happening in crypto. I focus on real stuff: how things work, what tools are worth using, and what to watch out for. My background in software development helps me break down complex topics so others can actually use the info. I believe in open, decentralized systems and think crypto should be easier to understand, even for beginners. That’s what I try to do with every post I publish.