AAX Executive Quits Crypto Exchange Amid Current Functional Halt
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Reasons For AAX Executive Resignation
Ben Caselin revealed the reasons for his decision to leave the company and his position at the cryptocurrency exchange in a discussion on Twitter. Despite his attempts to advocate for the neighborhood, Caselin claims that the ideas they popped up with were rejected. According to the CEO, his communications function had become vacuous.
In addition, the ex-AAX executive voiced his displeasure with the organization's approach to the problem. Caselin characterized the exchange's behaviors as without compassion and excessively cryptic. The former executive noted that numerous individuals, including some members of his family, have sought him for assistance while the withdrawal halt was in effect. Caselin added that everyone expected responses to the discussion but that there was nothing he could do at the time.
Suspension of Withdrawals
The AAX exchange began to suspend withdrawals on November 14 to address a bug in a system update. The exchange reassured its members that the suspension of withdrawals had nothing to do with the unfolding FTX failure and claimed. Additionally, the exchange does not have any financial connections to the troubled FTX exchange.
Following the news, the AAX team clarified that it requires extra funding since its investors have chosen to withdraw their money due to the FTX crash. The conversation revealed that this puts them in danger of a capital shortfall, which they must address before starting their regular activities again.