Atom Asset Exchange
 | The topic of this article may not meet Wikipedia's notability guidelines for companies and organizations. (November 2022) |
 | |
| Type | Digital Asset Exchange |
|---|---|
| Industry | Fintech |
| Founded | 2018 |
| Defunct | 2022 |
| Fate | Bankruptcy |
| Services | P2P, Spot, Perpetual Contracts |
| Website | Archived |
Atom Asset Exchange (AAX) is a defunct cryptocurrency exchange that offered spot, perpetual contracts and savings products across a wide variety of digital assets, including Bitcoin, Ethereum and others.
History
[edit]AAX was formed in 2018, in Seychelles,[1] operating primarily in Hong Kong. CEO Thor Chan has resigned since May, 2021.[2][3]
Two days after crypto exchange FTX filed for bankruptcy, AAX suspended all withdrawals on 13 November 2022,[1] and deleted its social media accounts.[4] On December 16, its website and App ceased to function.[5] Using the Telegram app, thousands of AAX investors formed multiple online messaging groups, joining their efforts to locate the senior executives of the company.[1] Disgruntled clients in Nigeria broke into the local AAX office and assaulted employees, demanding their money back.[5] On December 23, 2022, two AAX executives Liang Haoming and Thor Chan were arrested on allegations bordering on fraud.[6][7][8]
In January 2024, around 24,000 ETH were withdrawn from a wallet associated with AAX and partially laundered using decentralized protocols. A part of the funds was blacklisted by Tether, the issuer of USDT, and some funds ended up on ByBit and MEXC centralized exchanges.[5]
Products
[edit]AAX offered crypto futures contracts, spot pairs, P2P fiat trading, savings products, and API connectivity. AAX supports bitcoin trading along with support for over 20 fiat currencies.[9]
References
[edit]- 1 2 3 "Crypto exchange AAX's freeze on withdrawals sparks desperate search for funds". Financial Times. 2022-12-02. Archived from the original on 2022-12-22. Retrieved 2022-12-22.
- ↑ "HK's Atom first to use LSE trading tech for crypto exchange". China Daily HK. Archived from the original on 2019-07-08. Retrieved 2019-07-08.
- ↑ Huang, Zheping (2019-11-06). "Atom's LSE powered crypto exchange promises to be really fast". Bloomberg. Archived from the original on 2019-12-03. Retrieved 2019-12-03.
- ↑ "Hong Kong cryptocurrency exchange AAX in limbo amid FTX crisis". AsiaOne Online. 2022-11-29. Archived from the original on 2022-12-22. Retrieved 2022-12-22.
- 1 2 3 "Experts Report Withdrawal of 24,000 ETH from Bankrupt AAX Exchange". ForkLog. 2024-02-21. Retrieved 2026-06-12.
- ↑ Wahid Pessarlay (2022-12-28). "2 AAX executives arrested in Hong Kong over alleged fraud amid withdrawal freeze". Coingeek. Retrieved 2026-06-12.
- ↑ Ma, Dorothy; Wong, Kiuyan (2022-12-24). "HK Police Arrest Two Men in Crypto Exchange AAX-Related Case". Bloomberg. Archived from the original on 2022-12-24. Retrieved 2023-01-01.
- ↑ Aoqi, Chen (2022-12-23). 虛擬貨幣交易平台AAX倒閉 警拘兩男涉欺詐 主腦捲2.3億潛逃海外 [Virtual currency trading platform AAX collapsed and police detained two men involved in fraud. The mastermind fled overseas with HK$ 230 million.]. HK01 (in Chinese). Hong Kong. Archived from the original on 2023-01-02. Retrieved 2023-01-01.
- ↑ "Hong Kong's Atom is first to use LSE tech for crypto exchange". The Business Times. 2019-01-23. Archived from the original on 2019-09-18. Retrieved 2019-07-08.
