According to a previous report by Zombit, the cryptocurrency exchange AAX suddenly closed down at the end of 2022, leaving users with no assets. Although two senior executives of the platform were arrested by the Hong Kong police on suspicion of fraud at the time, the police stated that the mastermind behind the scenes had fled Hong Kong with a cryptocurrency wallet and private key containing a large amount of funds.
However, Web3 security company Cyvers has discovered recent activity in the associated wallet of AAX exchange. Cyvers points out that the associated wallet of AAX has recently transferred a large amount of Ether, with 24,000 ETH being moved to a wallet address starting with 0x141.
After further investigation, Cyvers found that the address 0x141 used the privacy tool Umbra to distribute funds to multiple addresses. Subsequently, money laundering was conducted through decentralized trading platforms, and then a portion of the funds (nearly $30 million) was transferred to the Tron chain through the cross-chain bridge SWFT Blockchain. The remaining approximately $20 million worth of ETH is still held in the 0x141 address.
Cyvers believes that the transaction pattern of this address indicates that the owner of the address deliberately avoids AML tools or complies with AML platforms.
