AEX Founder Huang Tianwei Bailed in Thailand: Only Three Major Users Recover Partial Assets Since 2022 Collapse
July 4, 2025
In a dramatic turn of events, Huang Tianwei, the founder of the collapsed cryptocurrency exchange AEX (formerly Bit Times), was released on bail in Thailand on July 3, 2025, reigniting public scrutiny of one of the crypto industry’s most notorious scandals. The AEX platform, which crumbled in July 2022, left approximately 22,000 users with losses exceeding $20 million. Since the collapse, only three major users have reportedly recovered a portion of their assets, while Huang continues to refuse to return funds to the broader user base, sparking outrage and renewed calls for justice. Here’s a deep dive into the saga, the recent developments, and what it means for affected users and the crypto industry.
The Rise and Fall of AEX
AEX, once a prominent player in the cryptocurrency exchange space, was founded by Huang Tianwei and gained traction for its user-friendly interface and support for a wide range of digital assets. At its peak, the platform boasted a significant user base, particularly in Asia, and was seen as a reliable hub for trading Bitcoin, Ethereum, and other cryptocurrencies. However, in July 2022, AEX abruptly halted withdrawals, citing “short-term liquidity issues.” This announcement triggered panic among users, who were unable to access their funds, and the platform soon collapsed, leaving an estimated 22,000 victims in its wake.The collapse was attributed to a combination of mismanagement, alleged fraud, and exposure to the broader crypto market downturn in 2022, which saw major players like FTX and Terraform Labs implode. Following the shutdown, Huang Tianwei reportedly vanished, leaving users scrambling to recover their assets. The incident sparked widespread “rights protection” actions, with affected users organizing on social media platforms like X to demand accountability. Some even resorted to drastic measures, such as graffiti and protests in Huang’s hometown in Guigang, Guangxi, China.
Huang’s Arrest and Bail in Thailand
Huang’s whereabouts remained a mystery until June 12, 2025, when Thai authorities arrested him at Don Mueang International Airport in Bangkok as he attempted to board a flight. The arrest stemmed from a separate fraud case in Thailand, where Huang allegedly lured two Chinese nationals to invest 200 million Thai Baht (approximately $5 million USD) in Bitcoin with promises of high returns, only for the funds to disappear. An arrest warrant was issued by the Chiang Rai court in April 2025, accusing him of serious fraud. After routine passport checks flagged him as a wanted individual, Huang was detained and transferred to the Mae Sai police station in Chiang Rai for further investigation.
On July 3, 2025, at 7:00 PM local time, Huang was released on bail by his family, as reported by X user @chaoge_btc. The news of his release has sparked mixed reactions. While some see it as a step toward potential resolution, others view it as a setback for victims seeking justice, particularly since Huang has reportedly refused to facilitate the return of funds to AEX users. According to posts on X, only three major users—described as “big players” or high-net-worth individuals—have managed to recover a portion of their assets since the 2022 collapse, allegedly through “special means” such as private negotiations or legal pressure. The vast majority of users remain locked out of their funds, with no clear path to recovery.
The Plight of AEX UsersThe AEX collapse left users in a state of financial limbo, with many reporting significant personal losses. The platform’s failure to honor withdrawals and its subsequent shutdown exposed deep-rooted issues in its operations, including poor financial management and a lack of transparency. Social media platforms, particularly X, have been abuzz with user frustrations, with posts like those from @BlockBeatsAsia and @ChainCatcher_ highlighting Huang’s refusal to return funds and the limited progress in asset recovery.
The fact that only three major users have recovered partial assets underscores a troubling disparity. These users, reportedly high-net-worth individuals, may have had the resources or connections to negotiate directly with Huang or leverage legal channels unavailable to smaller retail investors. This has fueled accusations of favoritism and deepened mistrust among the broader AEX user base. On June 14, 2025, eight Chinese investors claiming to be victims of the AEX collapse gathered outside the Chiang Rai police station, demanding to meet Huang, but Thai authorities dismissed their request, stating that the AEX case was unrelated to the Thai fraud charges.
Huang’s History of Evading Accountability
Huang’s actions following the AEX collapse paint a picture of a founder determined to evade responsibility. In 2021, he was briefly detained by police in Guigang, Guangxi, but was released shortly after. According to X users, he fled to Thailand soon after, living a low-profile life to avoid scrutiny. His alleged involvement in the Thai fraud case suggests a pattern of deceptive behavior, as he reportedly promised high returns to investors only to abscond with their funds.The AEX collapse also drew attention from the Economic Crime Investigation Team of the Guigang Public Security Bureau, but the investigation yielded little progress for victims. Huang’s ability to secure bail in Thailand has raised concerns that he may continue to evade accountability, leaving thousands of users with little hope of recovering their assets.
The Broader Implications for the Crypto Industry
The AEX saga is a stark reminder of the risks inherent in the cryptocurrency industry, particularly with centralized exchanges. The 2022 crypto market crash, which saw the downfall of FTX, Terraform Labs, and others, exposed vulnerabilities in platforms that rely heavily on speculative assets and lack robust regulatory oversight. AEX’s collapse, coupled with Huang’s alleged refusal to return user funds, highlights the need for stronger protections for crypto investors.The incident also underscores the challenges of cross-border legal recourse in the crypto space. Huang’s arrest in Thailand and subsequent bail illustrate the complexities of pursuing justice when perpetrators move across jurisdictions. While Thai authorities are investigating the fraud case involving the two Chinese nationals, the AEX collapse remains a separate matter, leaving users to navigate a fragmented legal landscape.
What’s Next for AEX Users?
For the thousands of AEX users still awaiting their funds, the path forward is uncertain. The limited recovery by three major users suggests that private negotiations or legal pressure may yield results for those with significant resources, but retail investors face an uphill battle. Blockchain analytics firm Cyvers Alerts reported in February 2024 that AAX, another collapsed Hong Kong-based exchange, had moved $55.6 million in Ether from its wallets, allegedly to evade Anti-Money Laundering (AML) controls. While AAX and AEX are distinct entities, the similarity in their post-collapse behavior raises questions about the integrity of defunct exchange operators.Affected users are encouraged to take the following steps:
- File Claims: If not already done, users should file claims with any relevant authorities or liquidators handling the AEX case, though progress has been slow.
- Join Advocacy Groups: Social media platforms like X have become hubs for AEX victims to organize and share information. Joining these communities may provide updates on legal actions or recovery efforts.
- Monitor Developments: Stay informed about Huang’s legal proceedings in Thailand, as they may impact future asset recovery efforts.
- Exercise Caution: The AEX collapse serves as a cautionary tale for crypto investors. Always conduct due diligence, diversify investments, and consider using decentralized wallets to maintain control over your assets.
Conclusion
The release of Huang Tianwei on bail in Thailand on July 3, 2025, has reopened old wounds for the thousands of AEX users who lost funds in the platform’s 2022 collapse. With only three major users recovering partial assets and Huang reportedly refusing to return funds to others, the saga continues to highlight the risks of centralized crypto exchanges and the challenges of seeking justice in a largely unregulated industry. As the crypto community watches this case unfold, it serves as a sobering reminder of the importance of transparency, accountability, and regulatory oversight in the digital asset space.For now, AEX users remain in limbo, with their assets trapped in a “gray zone” of the crypto world, as described by X user
@33Jsnow. Whether Huang’s bail marks a turning point or another delay in justice remains to be seen, but one thing is clear: the fight for recovery is far from over.
Sources:
- ChainCatcher – From AEX Founder to Prisoner: The Rise and Fall of Huang Tianwei in Thailand
- Bee Network – From AEX Founder to Prisoner: The Story of Huang Tianwei’s Arrest in Thailand
- Cointelegraph – $56M Moved from Defunct Exchange After Executives Fled
- X Post by @chaoge_btc – July 3, 2025
- X Post by @BlockBeatsAsia – July 4, 2025
- X Post by @ChainCatcher_ – July 4, 2025
