Hong Kong crypto exchange falls silent, fuelling shutdown fears

A major Hong Kong-based cryptocurrency exchange has scrubbed some of its social media presence two weeks after it halted withdrawals, fuelling fears the firm may collapse as the sector reels from the implosion of giant FTX.

Atom Asset Exchange (AAX) prevented customer withdrawals on November 15, saying its capital position was under “acute pressure” after some investors asked for their money back.

This came after the stunning fall of industry leader FTX, which was valued at $32 billion before it declared bankruptcy this month following an apparent liquidity crisis.