Cointime

Download App
iOS & Android

Crypto Exchange AAX Suspends Withdrawals As FTX Failure Reverberates

Crypto exchange AAX said it had suspended activity, citing a scheduled upgrade that had been delayed by turbulent markets.

The failure of a third-party partner means services will be delayed for as long as 10 days, the Hong Kong-based company said Sunday. The exchange did not identify the partner, and has said it has no exposure to FTX, a rival whose collapse has caused chaos in the industry.

Please consider the AAX announcement Forward Through Adversity.

In light of the insolvency of one of our industry’s largest players last week, crypto users are rightfully concerned about the operational and financial stability of centralized digital asset exchanges. At AAX, we have always put our users first, and here we would like to share with you the following updates regarding our current situation. We are hopeful that as a community we can brave through these troubling times, together.

AAX scheduled a system upgrade that will help protect our users from the multiple malicious attacks that we’ve observed during this vulnerable time. Due to the failure of our third-party partner, some users' balance data were found abnormally recorded in our system. Hence, limiting our services to prevent further risks, the technical team has had to manually proofread and restore the system to ensure maximum accuracy of all users’ holdings.

AAX will continue our best efforts to resume regular operations for all users within 7-10 days to ensure the utmost accuracy. In this light, withdrawals have been suspended to avoid fraud and exploitation. We understand it is important for users to be able to withdraw and transact as soon as possible, and we are working extremely hard to offer limited withdrawals to minimize risk.

Meanwhile, we have created an AAX User Withdrawal Request Form for withdrawal and other operational requests. Our Customer Service Team will follow up and strive to resolve the requests manually one by one in close coordination with our security, operations and compliance team to ensure a smooth process. Expect manual withdrawals to take longer than usual.

AAX has set up a dedicated Task Force to closely monitor the situation and provide daily updates everyday at 12:00pm (UTC+8) on our official social media and telegram communities, including the status for daily withdrawals and the progress of our system updates. And we seek to provide the highest level of transparency on our liquidity and risk management.

Comments

All Comments

Recommended for you

  • BTC Surpasses $81,000

    Market data shows that BTC has surpassed $81,000, currently priced at $81,002, with a 24-hour decline of 2.94%. The market is experiencing significant volatility, so please ensure proper risk management.

  • US Spot Bitcoin ETF Sees $261.4 Million Net Outflow Yesterday

    On October 15, according to monitoring data from Farside Investors, the US spot Bitcoin ETF experienced a net outflow of $261.4 million yesterday.

  • Over $476 Million Liquidated in the Last Hour, Primarily Long Positions

    Data shows that in the past hour, a total of $476 million was liquidated across the network, with long positions accounting for $457 million and short positions for $19.7945 million, primarily affecting long positions. Among these, $200 million in ETH and $116 million in BTC were liquidated.

  • ETH Falls Below $2400

    Market data shows that ETH has fallen below $2400, currently priced at $2395.62, with a 24-hour decline of 4.47%. The market is experiencing significant volatility, so please ensure proper risk management.

  • BTC Drops Below $81,000

    Market data shows that BTC has fallen below $81,000, currently priced at $80,989.9, with a 24-hour decline of 2.87%. The market is experiencing significant volatility, so please ensure proper risk management.

  • US Considers Easing Sanctions on Shadow Fleet to Lower Shipping Rates

    On October 15, a US official stated on Wednesday that the Trump administration is considering easing sanctions on vessels known as the 'shadow fleet.' These ships have previously transported oil and petroleum products from countries such as Russia, Iran, and Venezuela. This move aims to reduce the currently historically high global shipping rates. Shortly before this, President Trump had temporarily lifted sanctions on Russian diesel, a decision that drew strong criticism from Ukrainian President Zelensky, several European governments, and some Republican senators. The US official revealed that current discussions focus on whether the US will allow previously sanctioned vessels to transport 'legitimate oil.' Here, 'legitimate oil' refers to crude oil or petroleum products not subject to US sanctions, rather than oil from Russia and Iran that is under sanctions. The official stated that this move aims to facilitate the export of more refined products and crude oil from the Gulf region.

  • Dollar Index Erases All Gains Since CPI Report Release

    On October 15, the Dollar Index (DXY) slowly declined in the Asian session, completely erasing all gains since the release of the U.S. September CPI data yesterday (which had peaked with a cumulative increase of about 70 points), now reported at 102.16. The British Pound against the U.S. Dollar (GBP/USD) and the Euro against the U.S. Dollar (EUR/USD) both rose about 0.3%, currently reported at 1.3231 and 1.1197, respectively. (Jin10)

  • South Korean Stock Index Opens Down Over 5%

    On October 15, the South Korean KOSPI index fell below 6000 points, dropping 5.59% during the day. SK Hynix fell over 7%, while Samsung Electronics dropped over 6%. (Jinshi)

  • Fed's Daly: Rate Hikes May Be Necessary, But Not Urgent

    On October 15, Mary Daly, President of the San Francisco Federal Reserve, stated on Wednesday that the Fed may need to further raise short-term interest rates to curb excessive inflation. However, she also pointed out that there is no need to take such action at the Fed's meeting on October 27-28. "It is very likely that we will need to make further adjustments, but regarding the timing of those adjustments, I think we are still deliberating," Daly said. "I don’t feel there is a need to rush into a decision with limited information. I believe we have enough time."

  • BTC Falls Below $82,000

    Market data shows that BTC has fallen below $82,000, currently priced at $81,984.48, with a 24-hour decline of 2.01%. The market is experiencing significant volatility, so please ensure proper risk management.