Amid FTX collapse, Hong Kong-based crypto exchange suspends withdrawals

Hong Kong-based crypto exchange AAX has suspended withdrawals, citing the “failure of our third-party partner”, which caused some users’ balance data to be improperly recorded while scheduling a system upgrade.

“Limiting our services to prevent further risks, the technical team has had to manually proofread and restore the system to ensure maximum accuracy of all users’ holdings,” AAX said in an official statement on Sunday.

“AAX will continue our best efforts to resume regular operations for all users within 7-10 days to ensure the utmost accuracy,” it added.

Taking to Twitter, AAX vice president Ben Caselin said: “Bad timing for a scheduled maintenance at @AAXExchange, aimed to address serious vulnerabilities a given the already fearful circumstances in industry,