「AEX Founder Released on Bail: An Unfinished Chapter in the Crypto Underworld」

Dusk in Bangkok, Thailand, where the humid wind carries the shouts of street vendors. At 7 PM on July 3rd, AEX (Anyin) exchange founder Huang Tianwei walked out of the police station and disappeared into the neon-lit street corner with family by his side. This industry turmoil, lasting for months, has finally reached a vague pause — but the assets locked for users remain trapped in the gray area of the crypto world.

1. The Silent Game Behind Bail

The symbolic significance of the three individuals compensated: The official report's mention of "partial asset return" is intriguing. Are these three lucky ones ordinary users, institutional investors, or insiders? The industry generally speculates that this may be a "showcase drama" to soothe the market.

The profound legal implications of Thailand's choice: Compared to the strict criminal case filing in mainland China, Southeast Asian countries are more inclined to classify such cases as civil disputes, leaving room for subsequent asset handling.

Bail ≠ Innocence: Lawyers familiar with Thailand's judicial system reveal that the bail for economic cases is typically 1-3% of the amount involved. Based on AEX's previous claim of a $500 million shortfall, this bail may cost several million dollars.

2. The Survival Rules of the Exchange Underworld

The AEX incident acts like a mirror, reflecting the collective dilemma of established exchanges:

Asset management black hole: Misappropriating user assets for quantitative trading, lending, and even high-risk speculation has become an "industry secret that cannot be spoken of."

Regional arbitrage: Registering the entity in Seychelles, having operations in Southeast Asia, and retaining the tech team in China — this "sandwich structure" was originally intended to evade regulation but has become a dead end in rights protection when issues arise.

Humanity test: During the LUNA collapse in 2022, AEX suspended withdrawals under the guise of "protecting users," which now appears more like a stalling tactic.

3. The Harsh Revelation for Retail Investors

Withdrawal is the only standard to evaluate an exchange: Whenever there are delays with phrases like "system maintenance" or "liquidity optimization," initiate the largest-scale withdrawal immediately.

Cold wallets are the ultimate destination: In 2025, exchange hacking incidents increased by 217% year-on-year. Earning interest on stored coins is essentially a gamble with a tiger.

Illusion of rights protection: The average handling period for cross-border cases is 3-5 years, and even if one wins, the enforcement rate is less than 20%. Early financial impairment is the rational choice.