Huang Tianwei, founder of the AEX cryptocurrency exchange, has been released on bail after being arrested in Thailand on fraud charges related to 200 million Thai baht (approximately 5.7 million USD).
The incident highlights the negative impact of AEX on users, with only those direct victims facing off being able to recover their seized assets.
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Huang Tianwei was arrested and granted bail in connection with the 200 million baht fraud case in Thailand.
Only a few AEX victims managed to recover their funds thanks to extreme measures.
The case was compared to the FTX and SBF scandal, raising doubts about the credibility of the cryptocurrency market.
How was Huang Tianwei granted bail?
According to updates on July 3, 2025, Huang Tianwei, founder of the AEX exchange (formerly Bit Era), has been released on bail and returned to his family in Thailand.
AEX, operating since 2013, was once a long-standing cryptocurrency exchange that accumulated a large amount of user assets. However, after the exchange collapsed, Huang refused to allow users to withdraw their assets, causing outrage and significant losses.
Only a few individuals in the group of users managed to recover their funds by resorting to extreme measures such as pressuring Huang's family, for example, vandalizing ancestral graves in Lianjiang to force repayment of about 80% of the funds, with the remainder to be paid over two years under a confidentiality agreement.
"We must do everything we can to hold Huang accountable and return assets to users. This is a lesson about responsibility and ethics in the cryptocurrency industry."
Rong Hua, representative of the AEX victims' group, July 2025
Why have only a few people recovered funds at AEX?
The main reason lies in Huang Tianwei continuously obstructing the process of users withdrawing funds after the exchange went bankrupt. Only those direct victims who applied pressure and confronted him were able to retrieve their funds, while the majority lost everything.
Another case recorded that victims kidnapped Huang and forced him to repay, highlighting the complexity and tragedy of seeking compensation in the cryptocurrency market.
This is also a warning sign about the high risk associated with opaque cryptocurrency exchanges, lacking stringent regulations.
What does Huang Tianwei's arrest mean for the cryptocurrency market?
Huang's arrest at Don Mueang Airport, Bangkok, on June 12, 2025, has sparked a wave of comparisons with the FTX scandal and CEO Sam Bankman-Fried (SBF), one of the largest cryptocurrency scandals in the world.
According to reports, Huang is accused of defrauding 200 million baht related to cryptocurrency transactions with two Chinese victims in the Chiang Rai area of Thailand previously.
AEX is like the 'FTX of China' – Huang Tianwei was arrested for fraud, with alleged investment amounts reaching 44 million USD, instead of using the capital to restart, he chose to continue defrauding.
Z宝宝, cryptocurrency analyst, June 13, 2025
The incident once again underscores the importance of transparency, governance, and strict legal compliance for cryptocurrency projects to protect investors and the market.
Details about the case and the arrest
Two Chinese victims transferred about 200 million baht into a digital wallet managed by Huang after a meeting discussing cryptocurrency investment cooperation in Mae Sai, Chiang Rai province, in April 2025. When they realized they had been defrauded, they reported to the local police.
On June 12, 2025, Thai immigration authorities arrested Huang as he prepared to leave Don Mueang Airport, Bangkok. A previous arrest warrant had been issued by the Chiang Rai court due to suspected serious fraud.
Comparing the impact of AEX and FTX
Criteria AEX (Huang Tianwei) FTX (SBF) Operating time 2013 – 2025 2019 – 2022 Amount of fraud ~5.7 million USD Over 10 billion USD Arrest method Arrested at Thai airport Arrested in the Bahamas, then extradited to the USA Market impact Decreased trust in Chinese exchanges, regulatory warnings Wave of controls, changes to international laws
Frequently Asked Questions
Who is Huang Tianwei? Huang Tianwei is the founder of the AEX cryptocurrency exchange, arrested on fraud charges in Thailand in 2025. Why did AEX collapse while users could not withdraw funds? After the exchange went bankrupt, Huang refused to allow withdrawals, causing disputes and significant damage to investors. How did users retrieve their funds? Some victims resorted to legal measures and even strong pressure tactics such as vandalism to force Huang to return assets. How did the Huang Tianwei case affect the market? Comparing AEX and FTX? Both are large exchanges that collapsed due to fraud scandals, but the scale of FTX is many times larger, with a broader global impact.
Source: https://tintucbitcoin.com/founder-aex-thai-lan-duoc-tai-ngoai/
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