AAX Exchange Scam Exposed

How Victor Su 苏伟毅 engineered one of crypto’s cleanest inside jobs

AAX was sold as a “serious” exchange. In reality it was a shell stuffed with marketing buzz and controlled by a small circle of operators who treated customer deposits as their private liquidity pool. The collapse was not an accident, not a hack, not a liquidity event. It was an internal extraction built around one man.

Here is the complete picture.

Name of the operator

Victor Su, known in Chinese as 苏伟毅 (Su Weiyi).
Also referenced in company records as Weiyi Su and Su Wei Yi.

He controlled the group behind AAX through Atom Holdings Ltd, the Cayman parent.

Corporate structure used for the scam

AAX was presented as “Atom Asset Exchange”.
Top entity: Atom Holdings Ltd, incorporated in Cayman.
Operational entities scattered across Hong Kong, Singapore, Seychelles, and Malta.

Purpose was fragmentation and jurisdiction shopping. It allowed the group to market itself as global while keeping accountability diluted.

Timeline of the extraction

1. Pre collapse
   AAX bragged about using LSEG matching technology to create a fake aura of institutional quality.
   They pushed futures, P2P, yield products, the usual bait for retail.
   Behind the scenes, Su held the keys and the wallets.
2. November 2022
   Right after FTX detonated, AAX halted withdrawals on 13 November.
   They claimed a “system upgrade” and a “malicious attack”.
   The message was copied from every failed exchange in history.
   No external breach was ever shown. No logs, no trace, nothing.
3. Days later
   Platform went silent.
   Users organized hunting groups on Telegram.
   Executives started disappearing.
   Some got stuck in Hong Kong and walked directly into police custody.
4. December 2022
   Hong Kong police arrested two AAX executives:
   – CEO Thor Chan (陈智鸿)
   – Board member and co founder Liang Haoming (梁浩明)
   Charges: fraud and using the “maintenance” story to trap user funds.

The man who did not get arrested at that moment was Su. He was not in Hong Kong.
He had relocated. Conveniently.

5. Liquidation and cross border actions
Cayman courts placed Atom Holdings into liquidation.
Liquidators reported to the court that:
– a director ran off with the private keys
– at least 30 million USD in user assets vanished
– more might exist in wallets controlled by Su
Canadian courts recognized the Cayman liquidation.
Authorities executed freezing and evidence preservation orders against Su in British Columbia.
Local reports described him as a crypto swindler living in West Vancouver.
NetEase and other China mainland outlets reported that 苏伟毅 was the mastermind of the AAX fraud.
They linked him with money laundering suspect 王水明 (Wang Shuiming).
Hong Kong press reported that Su was later detained in relation to the AAX collapse.

Insider details

On chain analysis confirms that large volumes of ETH left AAX controlled wallets during the freeze period.
Funds were moved through mixers, cross chain bridges, and DeFi routes typical of clean up operations.
No third party hacker behaves like this. Insiders do.

Key names worth recording

Su Weiyi 苏伟毅
Real controller of the AAX group. Director of Atom Holdings. Central figure in every jurisdictional filing.

Liang Haoming 梁浩明
AAX co founder. Arrested in Hong Kong.

Thor Chan 陈智鸿
AAX CEO. Arrested in Hong Kong.

Wang Shuiming 王水明
Not formally part of AAX, but repeatedly linked to Su and referenced in Singapore’s major 2023 money laundering case.

Nature of the scam

AAX was a liquidity extraction device.
It used the illusion of respectability to vacuum deposits.
When the market tightened and the window to escape opened, insiders ran the standard exit script.

1. Fake maintenance window.
2. Freeze.
3. Blackout.
4. Disappearance.

Then lawyers arguing jurisdictional technicalities while retail begged for withdrawals that were already gone.

Summary

AAX was a coordinated scam. The courts have treated it as such, the arrests confirm it, the on chain data confirms it, and every document available across Cayman, Hong Kong, Singapore, and Canada points back to one name, both in English and Chinese.
Victor Su, 苏伟毅.