Crypto Exchange AAX Suspends Withdrawals

Davian144

hero member

Activity: 2520

Merit: 578

Quote from: JakobFugger on November 14, 2022, 10:07:07 AM

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

"In light of the insolvency of one of our industry’s largest players last week, crypto users are rightfully concerned about the operational and financial stability of centralized digital asset exchanges. "

So they decided to suspend withdrawals putting more panic in the market.... This is getting real bad

I want to know the reason why AAX exchange made a suspension on their withdrawal? Even though the AAX exchange is not experiencing any problems at this time and AAX is also not related to the FTX case that has been going on and is still going viral until now. And if the AAX exchange makes a suspension for no apparent reason, the exchange users will obviously experience a panic because they cannot withdraw assets.

Charles-Tim

legendary

Activity: 1512

Merit: 4795

Quote from: Tytanowy Janusz on November 14, 2022, 10:21:46 AM

Exchange with 0.1 score on CMC in 0-10 scale with little to zero real users, with 99.9% fake volume, that looks super scammy will not put any more panic in the market no matter what will it do. Everyone expected it to fail sooner or later. Everyone who knew about that exchange... not that many people did.

I think this should be more of a lesson that we should not hold on exchanges, but as a trader, going for one of the first 10 exchanges would be good? Yet what happened to FTX which was the second crypto exchange was surprising, which means we still just have to conclude that if it is not your key, it is not your coin, same goes to Binance, OKX and other ranked exchanges, that we should not hold on an exchange.

adaseb

legendary

Activity: 3738

Merit: 1708

Never heard of that exchange. However larger exchanges like cryptocom and gate are going thru a large bank run. So far there is massive amount of withdraws from those 2 exchanges. Lots of fud which could be true or not.

If cryptocom is still processing withdraws in a week then I would say it had the right amount of reserves. However lately what is going on with their moving ETH around back and forth and sending to wrong address. It’s better to be safe than sorry.

S A KHAIR

full member

Activity: 952

Merit: 108

1xBit recovered their reputation

Although they only announced maintenance and system upgrade, but if they crash, it won't affect the market. AAX exchange is not a very influential exchange in the market with a fairly low trading volume. If causing the next panic in the market, crypto.com could be next. They are having proof of reserve crash, if crypto.com crashes, it really causes serious problem.

Tytanowy Janusz

legendary

Activity: 2156

Merit: 1622

Quote from: JakobFugger on November 14, 2022, 10:07:07 AM

So they decided to suspend withdrawals putting more panic in the market.... This is getting real bad

Exchange with 0.1 score on CMC in 0-10 scale with little to zero real users, with 99.9% fake volume, that looks super scammy will not put any more panic in the market no matter what will it do. Everyone expected it to fail sooner or later. Everyone who knew about that exchange... not that many people did.

JakobFugger

member

Activity: 135

Merit: 49

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

"In light of the insolvency of one of our industry’s largest players last week, crypto users are rightfully concerned about the operational and financial stability of centralized digital asset exchanges. "

So they decided to suspend withdrawals putting more panic in the market.... This is getting real bad

Topic: Crypto Exchange AAX Suspends Withdrawals (Read 55 times)