Hong Kong Based Crypto Exchange AAX Halts Its Withdrawal Activity Citing a Schedule Upgrade

Hong Kong Based Crypto Exchange AAX Halts Its Withdrawal Activity Citing a Schedule Upgrade.

An upgrade scheduled by AAX, which had been delayed by turbulent markets, had caused it to suspend activity. 

He also reiterated that the suspension of withdrawals does not have to do with the continuing fallout from FTX’s collapse, and that rumors to the contrary are false.

First reported system upgrade on Nov 13

It was reported on Nov. 13 that the crypto community saw a “System upgrade notification” message, which said that the upgrade was taking longer than expected, causing withdrawal delays.

During this vulnerable period, the firm has observed multiple malicious attacks, and the upgrade will help protect users from them.

The firm third-party partner, however, failed to perform properly, causing some users’ balance information to be recorded abnormally.

Read More: Kevin O’Leary Reveals His Investment In FTX Went To Zero

The firm added that the technical team has had to manually review and restore the system to ensure maximum accuracy of all user holdings by limiting the platform services.

The Hong Kong-based company said Sunday that services will be delayed for as long as 10 days. As for now, no partner was identified.

 “AAX will continue our best efforts to resume regular operations for all users within 7-10 days to ensure the utmost accuracy,” said the crypto exchange company

Sparking the fear of crypto users 

In the turbulent times and after the FTX tragedy, the suspension has caused fear among crypto users.

“What did put you in trouble ? Firstly you must explain this.  What is your relations with FTX or Alameda ?  Why does it effect you guys ? Hoping only works in movies. Will you be able to open withdraw or not ? Don’t make this harder than what it is!,” said one twitter user concerning the firm relationship with FTX.

However,  the exchange has confirmed it is not exposed to FTX, a rival whose collapse caused industry chaos.

Read More: Binance CEO CZ: Crypto Industry Is Getting Cleaner 

“We are all afraid and worried about our withdrawals,” said one twitter user.

“Reputation is damaged. Sorry but really lost faith in aax,” tweeted another user.

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Jamilatul Mahmudah

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