Asian cryptocurrency exchange AAX has deleted its accounts on Facebook and YouTube with no explanation after it had halted withdrawals for customers, citing a glitch in a system upgrade. AAX Singapore CEO, Wenn Sheng Chioh, has also deleted mentions of the exchange in his profile on LinkedIn.
As of press time, AAX made no official comment regarding the matter. According to a tweet from TechFlowPost, AAX is rumored to be dissolved, with employees only being paid until November.
Weeks after the AAX exchange started halting its withdrawals, its vice president for global marketing and communications announced that he has resigned from his role at the cryptocurrency exchange.
In a Twitter thread, Ben Caselin confirmed that he has left the firm and highlighted reasons as to why he decided to leave his post at the crypto exchange. Caselin claims that despite his attempts to advocate for the community, the ideas they came up with were rejected.
The former AAX executive also voiced his disapproval of how AAX is handling the situation. The behaviors of the exchange, according to Caselin, were “without empathy” and “overly opaque.”
The former executive noted that numerous individuals, including some of his family members, had requested him for assistance during the withdrawal stop. However, Caselin wrote that there was nothing he could do at the moment and that everyone was waiting for action from the exchange.
Despite the current state of affairs, the former AAX executive is optimistic that everything will be handled fairly, but he also pointed out that the harm has already been done.
Several crypto communities such as the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN) have urged crypto users to stay amidst the chaos as they make plans to see if matters can be resolved.
How the AAX Saga Started
The AAX exchange began halting withdrawals on November 14 citing a need to repair a bug in a system upgrade. The exchange gave its members the reassurance that the withdrawal freeze had nothing to do with the unfolding FTX collapse and that they had no financial ties to the troubled FTX exchange.
Following the news, the team made clear that further funding is required since its investors have chosen to pull their money out of AAX as a result of the FTX crash. They risk having a capital shortfall as a result, which they must address before starting up their regular activities, according to the exchange.