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AAX Bitcoin-Birzha suspended the withdrawal of funds

AAX cryptocurrency exchange, based in Hong Kong, suspended the withdrawal of funds. As a reason, the company called the planned update of the system.

In the statement, the platform emphasized that the restriction of operations is not related to FTX collapse:

“In the light of insolvency of one of the largest players in our industry, users are rightly concerned about the operating and financial stability of centralized exchanges. […] We hope that as a community we will be able to survive these alarming times “.

The team expects to restore the functionality of the platform within 7-10 days.

“Bad time for planned maintenance aimed at eliminating serious vulnerabilities, which will last more than 24 hours. Due to additional precautions, this will take more time, ”admitted AAX Vice President Ben Caselin.

The company explained that the update was the result of a “failure at an external partner”, as a result of which “incorrect records of the balance of some users” were discovered ”.

Poloniex announced

“Given the already terrible circumstances in the industry, the resumption of access will require certain caution and will be gradual as moods cool,” Kaselin added.

On November 11, the exchange team published on Twitter a thread with assurances that the platform “does not have financial risks associated with FTX and affiliated structures”.

“All digital assets on AAX remain in integrity with a significant amount in cold wallets. User funds are not at risk of a counterparty through any funding or venture activity, ”the company said then.

According to Coingecko, over the past 24 hours, the volume of trading on AAX amounted to $ 1893. In the listing of the platform there are 251 assets in 276 pairs. On the derivatives site, open interest is $ 601 million.

Recall that CEO Binance Chanpen Zhao suggested that the FTX crisis will lead to a “cascading effect” in the crypto industry.

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