BREAKING: AAX EXCHANGE HALTS WITHDRAWALS

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Quote from: Darker45 on December 06, 2022, 09:15:18 PM

To a certain degree, I think a discussion of this AAX exchange halting withdrawals for whatever fake reason is moot and academic. What's so controversial about the failure of AAX when FTX had just crumbled down a few weeks ago? It hasn't been a month since FTX filed for bankruptcy. It's not that AAX has been showing red flags, it is that AAX itself is a red flag. If an exchange which was considered too big to fail failed miserably, then there's no reason to believe AAX wouldn't.

Maybe they are using the FTX failure to have a graceful exit that's why maybe they take advantage on situation so that maybe some of their investor will believe that what happen on FTX also happen to them. This is really serious matter need to take on and we should never put any huge money on exchange even if they are so trusted or successful on their operations because what happen to FTX might happen to other and also with more smaller ones like AAX exchange.

Darker45

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To a certain degree, I think a discussion of this AAX exchange halting withdrawals for whatever fake reason is moot and academic. What's so controversial about the failure of AAX when FTX had just crumbled down a few weeks ago? It hasn't been a month since FTX filed for bankruptcy. It's not that AAX has been showing red flags, it is that AAX itself is a red flag. If an exchange which was considered too big to fail failed miserably, then there's no reason to believe AAX wouldn't.

Bitcoin_Arena

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Quote from: noorman0 on November 14, 2022, 12:43:00 AM

Good if they care about security. This is a common warning when it comes to system upgrades and maintenance, some exchanges even do it on a scheduled basis.

Without waiting for this kind of news, always keep in mind the important advice that centralized exchanges are indeed not meant to be used as a storege of assets.

Explain to me exactly what kind of maintenance takes over 2 weeks, while people's open positions get automatically liquidated using Binance exchange price? Roll Eyes

My bet is that the exchange is gone, they have just been preparing the exit. I am glad I did use this exchange. I am across it about a year ago

SFR10

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Quote from: dimonstration on November 18, 2022, 09:38:36 AM

This exchange not a top exchange, I doubt there action is important to the community. Cheesy

I wonder if you would've reacted exactly the same with some of your own funds in it!
^{- No matter what the extent of the damage is, it's "ALWAYS" important to the community.}

Quote from: hopenotlate on December 03, 2022, 01:19:40 PM

I just left the below quoted message in AAX Exchange original Ann thread to prevent at least no one else from depositing their money in that "former" exchange
~Snipped~

In addition to that, I noticed there's a little update in the history section of their "Wikipedia page ^[archived]" and since the screenshot of the internal information was in Chinese, I used Google Lens to translate it:

Screenshot ^{[based on what's written on Wikipedia, it appears that they're going to return half of the assets to affected users, but I think Helen was "only" referring to assets of the employees]}

hopenotlate

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Quote from: dimonstration on November 18, 2022, 09:38:36 AM

Lmao. Your title looks like a warning that another exchange is potentially running away. You should not create a headline like that because you know that CEX halting withdrawal is hot topic now and always incorporated on potential fund lose of its user. This is just a typical scheduled maintenance and most of the exchange do this with a couple of hour.

You are just adding fuel to the current fire on crypto by doing this even though the content is just the normal routine of an exchange. This exchange not a top exchange, I doubt there action is important to the community. Cheesy

Unfortunately seems like original poster wasn't adding fuel to the current FUD but he realized from the beginning what was happening.

I just left the below quoted message in AAX Exchange original Ann thread to prevent at least no one else from depositing their money in that "former" exchange

Quote from: hopenotlate on December 03, 2022, 01:14:35 PM

WARNING : DO NOT DEPOSIT ANY MONEY INTO THIS EXCHANGE !!!!

Seems like another Exchange bytes the dust : they halted withdrawals, erased their facebook page, their youtube channel with all the video in it, on twitter users are complaning about unavailabily of their money but not a single word by the team, I don't have a linkedin account so can't check what happened there and in their telegram group last pinned message ( likely by a scammed telegram chat admin I guess) is the one I screenshotted below

They exit scammed if you ask me.

dimonstration

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Quote from: talkoncrypto Official on November 13, 2022, 11:31:37 PM

https://trends.aax.com/important-update-forward-through-adversity

Pull of your funds as they mentioned almost the same excuse, citing system maintenance , AAX scheduled a system upgrade that will help protect our users from the multiple malicious attacks that we’ve observed during this vulnerable time.

Lmao. Your title looks like a warning that another exchange is potentially running away. You should not create a headline like that because you know that CEX halting withdrawal is hot topic now and always incorporated on potential fund lose of its user. This is just a typical scheduled maintenance and most of the exchange do this with a couple of hour.

You are just adding fuel to the current fire on crypto by doing this even though the content is just the normal routine of an exchange. This exchange not a top exchange, I doubt there action is important to the community. Cheesy

SFR10

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Quote from: noorman0 on November 14, 2022, 12:43:00 AM

Good if they care about security.

Quote from: tabas on November 14, 2022, 06:18:46 AM

Anyway, if they're going to improve their security, they are doing it correctly

I also agree with both of you, but they posted an update on Tuesday, and apparently, they need to "raise new capital to resume their operations"... They also mentioned that funds and assets are safe ^{[is it just me, or do they seem to be making random excuses now?]}!

Mpamaegbu

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Quote from: hugeblack on November 14, 2022, 04:46:55 AM

If it is exposed to FTX, then this may be the reason, otherwise it may be a "exit scam" taking advantage of the panic in the market.

That was what I thought too. I hope that AAX (take note of the X too 🤔) isn't affiliated to SBF's business. This whole Luna and FTX crashes have made the market vulnerable at this time. A November that I've speculated to rally up is now digging for the southern pole. It's even looking safer to short Bitcoin than to long it now.

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Quote from: fuguebtc on November 14, 2022, 02:45:11 AM

AAX is the 20th largest exchange by trading volume and wouldn't be surprised if they declared bankruptcy at this point but hopefully what they announced is true but I have never seen an exchange upgrade their system in such 10 days time.

if the reported fake trading volume is subtracted from that, that position is significantly weaker.

Quote from: hugeblack on November 14, 2022, 04:46:55 AM

But in the current situation, it is better to consider all platforms as unsafe and withdraw your coins.

This is certainly the best advice, but it causes panic and is the reason why exchanges stop withdrawal.

tabas

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If it's already halted, no one can withdraw their funds until they will able it again.
I used to see the ads of aax through the Brave browser and they're very active there. As in, almost every few hours, I'm seeing their ads popping on my notification.
Anyway, if they're going to improve their security, they are doing it correctly since it's a scheduled basis so that most users are informed when they're going to do it.

Rikafip

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Quote from: talkoncrypto Official on November 13, 2022, 11:31:37 PM

Pull of your funds as they mentioned almost the same excuse, citing system maintenance , AAX scheduled a system upgrade that will help protect our users from the multiple malicious attacks that we’ve observed during this vulnerable time.

Well its too late now to take your funds out of AAX. Tbh, anyone that still had money on any CEX after what has happened with FTX is simply asking for trouble.

Quote from: noorman0 on November 14, 2022, 12:43:00 AM

Good if they care about security. This is a common warning when it comes to system upgrades and maintenance, some exchanges even do it on a scheduled basis.

I sure hope everything ends up well and this might be a common warning but timing of this "system upgrade" and stopping withdrawals is very bad, given everything that has happened lately.

hugeblack

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If it is exposed to FTX, then this may be the reason, otherwise it may be a "exit scam" taking advantage of the panic in the market.
Hopefully it will not be a new strategy of platforms to steal customer money.
But in the current situation, it is better to consider all platforms as unsafe and withdraw your coins.

fuguebtc

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AAX is the 20th largest exchange by trading volume and wouldn't be surprised if they declared bankruptcy at this point but hopefully what they announced is true but I have never seen an exchange upgrade their system in such 10 days time.

I also heard rumors that crypto.com is also having problems, it looks like they are intentionally rigging funds after binance released proof of reserve to show transparency. Some people have said that they cannot withdraw money on crypto.com, and the price of the crypto's native token has also dropped by 25% according to rumors. It is a sensitive time, it is best that we do not leave our money on centralized exchanges, and withdraw to a non-custodial wallet to ensure safety.

noorman0

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Good if they care about security. This is a common warning when it comes to system upgrades and maintenance, some exchanges even do it on a scheduled basis.

Without waiting for this kind of news, always keep in mind the important advice that centralized exchanges are indeed not meant to be used as a storege of assets.

talkoncrypto Official

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https://trends.aax.com/important-update-forward-through-adversity

Pull of your funds as they mentioned almost the same excuse, citing system maintenance , AAX scheduled a system upgrade that will help protect our users from the multiple malicious attacks that we’ve observed during this vulnerable time.

Topic: BREAKING: AAX EXCHANGE HALTS WITHDRAWALS (Read 196 times)