Two men who were reportedly connected to the AAX exchange investigation were arrested in Hong Kong on December 23 on suspicion of fraud and misleading police officers.

The arrests come weeks after the collapse of the FTX exchange and the resignation of AAX Vice President Ben Caselin, who reportedly disagreed with the company’s decision to declare bankruptcy and liquidate all assets.

AAX users are believed to have lost over 100 million yuan (about $14.3 million) in total.

A recent report found that the FTX collapse had the greatest impact of all the significant events in 2022, including the collapse of Terra-Luna and the bankruptcies of Voyager, BlockFi, Celsius, Mt.Gox, and FTX.