Cryptocurrency exchange AAXannounced that it has suspended its operations, citing a planned update that was delayed due to the turbulent markets and the failure caused by its partners.
FTX’s Collapse Could Mean More Failures in the Cryptocurrency Industry
Hong Kong The exchange-based exchange said in a statement today that services were rendered due to the failure of a third-party partner. up to 10 days He said he’d be late.
The exchange did not reveal the identity of the partner and said it was unaffected by rival FTX, whose collapse caused chaos in the industry.
“Withdrawals are suspended to prevent fraud and attacks,” the company said. “AAX will continue our efforts to resume regular transactions for all users within 7-10 days to ensure the highest accuracy,” he added.
The company said users’ balances had to be manually restored after a partner who helped the system record abnormal data failed.
Vice President Ben Caselin said the delay was taken as an “extra precaution” after scheduled maintenance.
The company, which started operations in 2019 as the first external user of the London Stock Exchange Group’s matching technology, said it does not have any financial risks to FTX or its partners.
The company said it stores a “significant amount” of its assets in cold wallets and does not lend user funds for venture activities.
FTX filed for bankruptcy protection in the US on Friday, and CEO Sam Bankman-Fried resigned. He admitted that FTX’s assets had been hacked and used client funds to support Alameda, the exchange’s trading arm.
*Not investment advice.
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