Crypto analyst Lark Davis recently said that he expects a potential bankruptcy on Bitcoin exchange AAX. Davis shared his expectation with his followers on his Twitter account.
Cryptocurrency analyst announced that he expects bankruptcy from this Bitcoin exchange
The famous analyst recently said that he is in bankruptcy expectation for the Bitcoin exchange AAX via his Twitter account. He explained that there are indications of bankruptcy to be experienced. Withdrawals have been suspended for about two weeks. Afterwards, the deleted Youtube channel and the resigned executives drew all the attention to the company. As a result, all events are expected to cause turmoil.
#crypto exchange AAX has liquidated trader future positions, withdrawals have been halted for two weeks, deleted their Youtube channel, executives fleeing…
Looks like the next bankruptcy will be announced soon!
— Lark Davis (@TheCryptoLark) November 29, 2022
As we have reported as Kriptokoin.com; Bitcoin exchange AAX first paused withdrawals. Later, Ben Caselin, Vice President of global marketing and communications, confirmed his resignation from the stock market. Caselin explained why he left through his Twitter account in a thread of tweets. Caselin said that there is a solution, but it no longer has a brand value.
The vice president of communications, who resigned, spoke
Caselin explained that his lack of empathy in particular brought about the end of his stock market. He underlined the opaque attitude of the people in the management of the stock exchange. Resigning Vice President, shared that the brand is completely over and trust is lost. For this reason, he states that there is nothing to be done but to wait for the actions. Caselin made the following statements in the post:
AAX was a delegate, but now it’s all empty.
Hong Kong-based AAX suspended withdrawals on November 14. The Bitcoin exchange explained that this decision was due to a system upgrade to fix a glitch. In addition, he discloses that he has no affiliation with the exchange, FTX and its former CEO, SBF.
Additionally, the exchange explained to its 2 million users worldwide that the planned upgrade was due to “the failure of our third-party partner.” It is said to cause abnormal recording of user balances in the AAX system.
Investors are withdrawing funds due to uncertainty, although AAX has confirmed that they have no affiliation with FTX’s bankruptcy. The Bitcoin exchange soon shared its need for additional capital. The team underlines that the withdrawal of investor funds can cause a serious capital shortfall and that this needs attention before resuming normal operations.
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