Crypto

AAX Executive Leaves Crypto Exchange Amid Ongoing Operational Shutdown

Weeks after the AAX exchange began halting withdrawals, its vice president for global marketing and communications announced that he had resigned from his position at the cryptocurrency exchange.

In a Twitter thread, Ben Caselin confirmed that he left the company and highlighted the reasons why he decided to leave his position at the crypto exchange. According to Caselin, despite his efforts in the fight for the community, the initiatives they proposed were not accepted. The executive described that his role in communications had become “hollow”.

The former AAX executive also expressed disagreement with AAX’s handling of the issue. Caselin described the exchange’s actions as “lack of empathy” and “too opaque.”

Amid the withdrawal stoppage, the former executive also pointed out that many people, including some of his family members, have asked him for help. However, Caselin wrote that he couldn’t do anything at the moment and everyone is waiting for shares from the exchange.

Despite the current situation, the former AAX executive believes things will be handled without bad intentions, but notes that the damage has already been done. “The brand is gone and the trust is broken,” he said. wrote.

Related: Here’s How Centralized Exchanges Aim to Win Back Users After FTX’s Collapse

On November 14, the AAX stock exchange started stopping withdrawals citing the need to fix a problem while upgrading his system. The exchange assured its community that the halt in withdrawals had nothing to do with FTX’s ongoing collapse and said it had no financial exposure to the beleaguered FTX exchange.

After the announcement, the AAX team Underline that it needs additional capital because its investors have decided to withdraw their funds from AAX due to the collapse of FTX. The exchange explained that this puts them at risk of a capital shortfall, which they must correct before resuming normal operations.

Cointelegraph has contacted AAX’s PR team but has yet to receive a response.