AAX customers search for executives

On November 13, the AAX cryptocurrency exchange suspended withdrawals, claiming they were dealing with a botched system upgrade. Shortly before, they had reassured their customers that they had stable reserves and no exposure to FTX.

On November 28, the company's vice president for global marketing and communications acknowledged that he had resigned from the company, explaining on Twitter that "I did fight for the community but none of the initiatives we came up with were accepted."

Upon realizing that the exchange was unlikely to resume withdrawals, some customers have taken it upon themselves to try to find AAX's executives. Some showed up at the Hong Kong headquarters, only to find it deserted. Another user appeared at their Singaporean coworking space, also to find it empty. Users have been posting leaked personal identity documents of listed executives on Telegram, hoping to locate them.

AAX cryptocurrency exchange suspends withdrawals

The Hong Kong-headquartered cryptocurrency exchange announced that they would suspend withdrawals, which they claimed was due to a system upgrade that went poorly. They've estimated it will taken seven to ten days for normal service to resume.

Users have been hesitant to believe this explanation, given the enormous shakeup in the industry lately, and the tendency for firms to be less-than-forthcoming when they are in major crisis.

Three days prior, the company had published a blog post claiming that AAX had no exposure to FTX and its affiliated companies, that AAX had stable reserves, and that user funds were never exposed to counterparty risk.

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