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Crypto Exchange AAX Suspending Withdrawals Amid FTX Fallout
Hong Kong-based crypto exchange AAX said it is suspending withdrawals for seven to 10 days for a scheduled system upgrade to protect users, according to an official announcement published Sunday.
Ankita K.
5:17 14th Nov, 2022

Hong Kong-based crypto exchange AAX said it is suspending withdrawals according to an official announcement.

AAX says it found and manually restored some user balance data abnormally recorded in its system due to the failure of a third-party partner, who has not been named.

“Bad timing for a scheduled maintenance at @AAXExchange, aimed to address serious vulnerabilities … Given the already fearful circumstances in industry, opening up will require some caution and will be gradual, as sentiment cools,” AAX vice president Ben Caselin tweeted early morning on Monday.

AAX says it has no financial exposure to FTX or its affiliates, and its digital assets remain intact with a significant amount stored in cold wallets.

FTX, a crypto exchange valued at US$32 billion at one point, filed for bankruptcy protection in the U.S. last week with chief executive officer (CEO) Sam Bankman-Fried stepping down.

Amidst the collapse of FTX, it was reported that the exchange was using customer funds to foster its sister trading firm, Alameda Research.

It was also reported that more than US$600 million was hacked from FTX’s crypto wallets last Friday.


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