Bitcoin Exchange AAX Deletes Social Media, Faces Exit Scam Accusations
Main page News, scam, Cryptocurrency Exchanges

Asian cryptocurrency exchange AAX has deleted its accounts on Facebook and YouTube with no explanation after it had halted withdrawals for customers, citing a glitch in a system upgrade.

Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world

AAX Singapore CEO, Wenn Sheng Chioh, has also deleted mentions of the exchange in his profile on LinkedIn. As of press time, AAX made no official comment regarding the matter.

According to a tweet from @TechFlowPost, AAX is rumored to be dissolved, with employees only be paid until November. Ben Caselin, Vice President of AAX, has also resigned from his role at the exchange, saying there's no such brand as AAX and trust in the exchange is "broken."

"People, including my own family ask me for help, but there is nothing I can do. Everyone is waiting on actions. I still believe things will be handled without evil intentions, but the damage is done," he added.

AAX Seeks New Funding to Stay Afloat

Caselin added that the way things are handled in AAX is "without empathy and overly opaque."

The news comes shortly after AAX suspended user withdrawals, claiming that its third-party partner had failed to conduct a scheduled system upgrade, resulting in abnormal data recording in the database. A spokesperson for AAX said that in order to avoid "fraud and exploitation," AAX decided to stop withdrawals for 7-10 days to ensure the "utmost accuracy."

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange

Read also:
Please describe the error