The latest report from Matt Novak, a senior crypto journalist at Gizmodo, suggests Hong Kong-based popular crypto exchange AAX has stopped receiving withdrawal requests without mentioning any concrete reason behind the decision. Although the exchange denies any speculation over its exposure to FTX.
- In a press release, AAX stated that withdrawals were stopped on Sunday and that it would try to resume trades in 7 to 10 days.
- According to AAX, the shutdown was caused by a “third party partner” whose system malfunctioned during a “system upgrade” that had been previously “scheduled,” and it had nothing to do with FTX’s collapse, which has shocked the fake money industry.
- AAX claims to have more than 2 million users across 100 countries but is restricting services like withdrawals to ensure that the holdings of all users are as accurate as possible, as the technical team had to follow the manual process to proofread until the system was restored.
- However, the business has developed a Google form that allows users to request withdrawals manually. The fact that anyone who has a Google account can create a Google form and attempt to imitate AAX’s form makes the process a surprisingly terrible idea.
- According to AAX, a “dedicated task force” has been established to provide updates each day at 12:00 p.m. HK local time, which is currently 11:00 a.m. the day before on the east coast of the United States.
