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

  • Cointime May 25 News Express

    1. British media: 61,000 Bitcoins in Qian Zhimin case may belong to British police and Home Office

  • Nano Labs founder: The withdrawal of VASP license application by leading exchanges is not a good thing for the development of Web3 in Hong Kong

    Jack Kong, founder of Nano Labs, director of Hong Kong Cyberport Management Company Limited, and member of the third-generation Internet development team in Hong Kong, stated in a post on X platform that major exchanges have withdrawn their VASP (Virtual Asset Trading Platform) license applications from Hong Kong. This will not have a significant impact on these exchanges, but it is not good for the development of Web3 in Hong Kong. The US Securities and Exchange Commission has already followed the trend, and Hong Kong regulatory agencies must keep up. Otherwise, the difficulty of developing Web3 in Hong Kong will greatly increase. Of course, we still firmly believe in Hong Kong and will continue to express policies that are beneficial to Hong Kong's development.

  • British media: 61,000 Bitcoins in Qian Zhimin case may belong to British police and Home Office

    A court in London, UK, sentenced a British Chinese woman named Jian Wen to 6 years and 8 months in prison for assisting her employer in money laundering related to Bitcoin. The Financial Times reported that the UK's Crown Prosecution Service has initiated civil recovery proceedings in the High Court for the confiscated assets. If no one else claims ownership of the criminal assets, half will go to the UK police and half to the UK Home Office. Huang Feng, a professor at the G20 Anti-Corruption and Asset Recovery Research Center at Beijing Normal University, said that according to UK law, if a victim of the crime asserts a claim to the property, the UK court will suspend the civil recovery application made by UK law enforcement agencies to determine the ownership of the relevant property.

  • Solana plans to release the full version of the Firedancer upgrade in 2025, with a “lite version” to be released before then

    Kuleen Nimkar, the head of DePIN at the Solana Foundation, stated that Solana plans to release a "slimmed-down version" of the Firedancer upgrade before launching the full version in 2025. This upgrade aims to enhance Solana's overall reliability and scalability as the network activity of the decentralized infrastructure protocol (DePIN) continues to grow.

  • Amber Group deposited 25 million GRT to Binance in the past 13 hours, worth $8.03 million

    According to on-chain analyst @ai_9684xtpa, Amber Group has deposited 25 million GRT, worth $8.03 million, into Binance over the past 13 hours. Amber received 25 million GRT tokens from The Graph project three years ago, and funds have been continuously moving in and out of exchanges. In the past two days, they have deposited a total of 30 million GRT tokens into exchanges, with a transfer price of $0.32. Currently, they still have 35.2 million GRT remaining.

  • A smart money investor who opened a position in PEPE on May 14 has made a 43% profit

    According to blockchain analyst @ai_9684xtpa, the smart money that previously traded PEPE and earned $3.49 million established a position in PEPE on May 14th, which is currently up 43%. The cost of establishing the position was approximately $0.00001046 per share and it is currently up $1.83 million.

  • Whales betting on the ETH ecosystem have withdrawn $7.22 million worth of ETH ecosystem-related tokens from Binance in the past hour

    Blockchain analyst Yu Jin has monitored that in the past hour, whales/institutions betting on the Ethereum ecosystem have continued to withdraw Ethereum ecosystem-related tokens worth $7.22 million from Binance: 256,000 UNI ($2.72 million), 12,800 AAVE ($136), 742,000 LDO ($189), and 250,000 FXS ($125).

  • A new wallet created by an insider spent 1,370 yuan SOL to buy 632 million CAT

    Lookonchain monitoring shows that someone (an insider) created a new wallet and spent 1370 SOL tokens (worth 230,000 USD) to grab 6.32 billion CAT tokens (63.2% of the total supply). We tracked that they have sold some of the CAT tokens and received about 29,525 SOL tokens (5 million USD).

  • A wallet suspected to be related to Wintermute bought 37.86 million CAT 4 hours ago

    According to Lookonchain monitoring, a wallet suspected to be related to Wintermute spent 1800 SOL (301,300 USD) to purchase 37.86 million CAT 4 hours ago, with an unrealized profit of 886,000 USD.

  • LayerZero: Witch Bounty application will soon reopen

    LayerZeroLabs tweeted that the Witch Bounty application will soon reopen, but a deposit will be required. Currently, a deposit mechanism is being implemented in the Witch Bounty report, which means that only addresses that provide a deposit are eligible to submit reports, and the deposit will be refunded after TGE if the report is submitted honestly or successfully. If there is any theft of others' achievements, any form of fraud, lack of methodology, spam, etc. in the report, the deposit will not be refunded and will be destroyed.