A Chinese national accused of stealing millions of dollars from investors after the collapse of a cryptocurrency exchange also owned companies with businessmen linked to major money laundering investigations in Southeast Asia — including one who has been convicted, and another suspect on the run.
Hong Kong police have called Su Weiyi the “mastermind” behind Atom Asset Exchange (AAX), which had more than two million users before collapsing in 2022. Su Weiyi allegedly absconded with investors’ money, but returned to Hong Kong where he was arrested on July 18 and charged with theft.
The allegations have not been proven in court and his case is ongoing. In a letter sent post publication, Su Weiyi's legal representative stated: “While Mr. Su is aware of a Chinese-language article that describes him as a ‘mastermind,’ he is not aware of any such references by Hong Kong police.”
Police have not publicly linked Su Weiyi to any of the online scam and money laundering operations that have exploded across Southeast Asia in recent years.
However, corporate documents show that Su Weiyi was running AAX at the same time he co-owned companies with two men who are part of an investigation by Singapore police into a massive money laundering syndicate. There is no suggestion that companies he co-owned were involved in money laundering or online scams.
Su Weiyi's legal representative stated that he has never run a business with these two men, and has only limited and legitimate ties to them through a failed investment project initiated by another businessman.
Additional corporate records show Su Weiyi is co-owner of two Hong Kong companies with another man named Wang Dingkai. Wang Dingkai co-founded a firm in the Philippines, which was raided by police in 2023 as part of an ongoing investigation into cryptocurrency investment scams, and human trafficking. There is no suggestion that Su Weiyi was involved in human trafficking.
Hong Kong media have reported that Su Weiyi was charged with theft of at least $2.15 million of digital currencies and tokens, representing the assets of about 51 AAX users. Police did not reply to a request for more information on the case. Su Weiyi is contesting the charges and the case remains open.
The charges against Su Weiyi relate only to a fraction of the exchange’s more than two million customers, according to a legal petition from the AAX bankruptcy case, which is unfolding in the Cayman Islands where the exchange’s parent company was registered.
The petition alleges that Su Weiyi “absconded with the keys to digital wallets holding AAX user assets” worth a minimum of $30 million.
The Cayman Islands company behind AAX, Atom Holdings, is being liquidated and Quantuma Advisory Limited now controls its assets and communications. Quantuma Advisory did not reply to requests for comment on AAX’s corporate links to money laundering suspects.
Philippine police at the Sun Valley compound, where Wang Dingkai’s company is located, on May 5, 2023.
The Fujian Connection
Two of the men linked to Su Weiyi in corporate documents — Wang Shuiming and Wang Bingang — were investigated by Singapore police, who say their group was laundering billions in profits from “organised crime activities including scams and online gambling.” Su Weiyi has not been implicated in this investigation.
Singaporean authorities seized assets and cash worth $2.3 billion from 10 people arrested last year. Wang Shuiming has since been sentenced to 14 months in prison. The Straits Times reported that Wang Bingang is wanted by police for his alleged involvement in the group.
Corporate documents show that Su Weiyi is associated with Wang Shuiming and Wang Bingang through two financial and technology firms. The men share geographic ties as well: all three hail from Fujian province on China’s southeastern coast.
The business relationship between Wang Shuiming and Su Weiyi goes back to at least 2010. That’s the year they incorporated Xiamen Mingxin Danbao Co Ltd, which is described in Chinese company registries as a credit and financing firm.
The money laundering case against Wang Shuiming shows that he submitted forged financial statements from that firm to banks as proof of his wealth, according to Lianhe Zaobao, Singapore’s most widely read Chinese language newspaper. There is no suggestion that Su Weiyi was involved in this case.
Like Wang Shuiming, Su Weiyi was a joint shareholder and director of Xiamen Mingxin Danbao. The company was active during the first two years of AAX’s operations, and was deregistered in 2021.
Wang Shuiming and Su Weiyi were also involved in a Taiwanese company, Zongwang Digital Technology Co Ltd. Su Weiyi is the 100 percent controlling shareholder, while Wang Shuiming was a manager in 2021 and 2022, the final two years of AAX’s operations.
Wang Bingang — the suspect on the run from Singapore police — was a director in Zongwang Digital. His whereabouts are unknown, and email addresses he listed on Chinese corporate documents did not work when reporters sent questions.
Wang Shuiming’s lawyer did not respond to requests for comment.
Across Two Jurisdictions
Corporate registry documents in Hong Kong reveal an intriguing business relationship between Su Weiyi and two other Fujian natives: Wang Dingkai and Su Jinkun.
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Su Jinkun and Wang Dingkai are part owners of two Hong Kong companies with Su Weiyi, who police allege is the AAX mastermind. The companies are Vico Group Limited and Vico Capital Limited.
The law firm representing Su Weiyi said he was approached by Leung Ho Ming to invest in Vico Capital Limited and Vico Group Limited alongside Wang Dingkai and Su Jinkun. However, the project was not financially viable, never launched, and Vico Group Limited applied for de-registration on March 3, 2025. Su Weiyi never ran a business with Wang Dingkai or Su Jinkun and barely knows them, the law firm said.
Su Weiyi also owned a BVI firm named Vico Capital Limited. The BVI-registered Vico Capital was the owner of 84 percent of Atom Holdings, which controlled the AAX exchange.
The shared names and owners of the Hong Kong and BVI firms suggest they are part of the same corporate network, said anti-money laundering expert Eryn Schornick.
Another link between AAX and the Hong Kong version of Vico Capital emerged during the 2022 police operation targeting the fallen cryptocurrency exchange. Hong Kong police arrested Leung Ho Ming, the fourth co-owner of Vico Capital. Leung Ho Ming is also named in the Cayman Islands bankruptcy case as a “top AAX executive”.
Leung Ho Ming was later released. His whereabouts are unknown, and it is not clear if he has charges against him or not. Hong Kong police did not respond to a request for comment about his case.
Su Jinkun and Wang Dingkai did not reply to requests for comment.
Wang Dingkai co-founded the Sun Valley Clark Hub Corporation in the Philippines, which was subject to a police raid in 2023 that rescued more than 1,000 human trafficking victims, according to the Philippines Department of Justice. There is no suggestion that Su Weiyi was involved in this case.
“The victims were recruited as call center agents to entice foreign customers from the United States, Canada and Europe to invest in cryptocurrency,” the Department of Justice said in a press release at the time, adding that “the victims, mostly male, were instructed to pretend to be attractive women.”
Wang Dingkai has not been named as a suspect in the case.
Meanwhile, the corporate paper trail places Su Jinkun in close proximity to suspects in the Singapore money laundering case.
In one document, Su Jinkun lists his Hong Kong address in the same luxury residential complex as one of the key suspects in the Singapore case. Leaked property data from the United Arab Emirates also reveals Su Jinkun’s ownership of 23 apartments in The Grand at Dubai Creek Harbor, which are worth about $13 million combined. Some accused members of the Singapore syndicate bought entire floors in that building, OCCRP has reported.
Rappler contributed reporting from The Philippines.
This story has been updated with comment and clarifications from Su Weiyi's legal representative.
