Two men have been arrested over a cryptocurrency scam totalling HK$98 million.

Police said the duo connected to crypto exchange AAX are suspected to have falsely claimed in November that the exchange was under maintenance in order to stop clients from withdrawing assets.

The force said clients of AAX cannot even log on to their accounts now, and the company's office in the territory has shut.

Police said they have received 337 reports from alleged victims in Hong Kong and other parts of the world since last month.

Officers said they believe the mastermind behind the offence has fled the city with around US$30 million in cryptocurrency.

The force said it would investigate the movement of the capital, adding they have frozen HK$2 million in the bank accounts of the company and relevant people.