Media learns of the possible bankruptcy of the AAX crypto exchange

Vice President Ben Caselin announced his resignation from the company

28.11.2022 - 10:30

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3 min

What’s new? Analytics platform OKLink, citing analyst Colin Wu, announced the bankruptcy of the AAX crypto exchange that suspended trading. OKLink noted that the platform was previously in the top 10 in terms of spot trading volume on CoinMarketCap and was recommended by a number of influencers. In addition, AAX Vice President Ben Caselin announced his resignation from the company. He said that he fought for the community until the last minute, but none of the initiatives he proposed were accepted.

AAX @AAXExchange once ranked in the TOP10 in terms of spot trading volume on @CoinMarketCap, and was recommended by a number of KOL endorsement, now the internal news has confirmed the bankruptcy #Defi #crypto #web3 #NFT #FTXbankruptcy #FTXScandal #bearmarket https://t.co/lBRGQugaS7 — OKLink (@OKLink) November 28, 2022

What else did Caselin report? The former vice president of AAX said that he “placed a lot of trust” in the exchange and used it as a platform to educate. He still believes in a good outcome, but “the brand is no more and trust is broken.”

Dear all, it’s true I have resigned from AAX. I did fight for the community but none of the initiatives we came up with were accepted. Any role I had left for communication became hollow. 1/4 — ₿en Caselin HODL (@BenCaselin) November 28, 2022

Caselin reported that he has been approached by customers who believe he can solve their problems, stressing that he has no such authority. The issue should be taken up by AAX’s founders and board of directors, Caselin added.

What is going on with AAX? The platform halted all operations on November 13. AAX representatives promised to restore operations in 7 to 10 days, citing a third-party partner glitch during the system’s upgrade. However, on November 15, the exchange said that the resumption of operations could take place only if additional capital was raised.

Later, the exchange also deleted its YouTube channel and closed its Facebook account. At the same time, the Twitter account is still available, but the last message is dated November 21.

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