The Atom Asset Exchange had over 2 million registered accounts prior to its collapse in November 2022.
A defunct Hong Kong exchange has begun moving funds out of its wallets to various decentralized exchanges and centralized platforms, allegedly to avoid Anti-Money Laundering (AML) controls.
As told by blockchain analytics firm Cyvers Alerts on Feb. 20, over 24,000 Ether (ETH), worth $55.6 million, were moved from the Atom Asset (AAX) Exchange wallets starting early this month. “The observed patterns indicate that the address is attempting to avoid AML tools,” analysts wrote. “Additionally, some funds originated from the exchange have been blacklisted by Tether.”
Prior to its discovery, the last known transactions involving AAX Exchange wallets took place in October 2023 and November 2022. Before its collapse, AAX was one of the largest crypto exchanges in Hong Kong, with over 2 million users.
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Source: https://cointelegraph.com/news/56-million-moved-defunct-exchange-executives-fled-report