Hong Kong cryptocurrency exchange AAX official on Sunday informed Customers to suspend payouts due to a planned system update to protect users. Withdrawals from accounts on the AAX platform will be suspended for 7-10 days. About that reported Bloomberg agency as well as a range of media.
AAX said that due to an error at an unnamed third party, some user balance data was incorrectly reflected in its system and its technical team had to manually fix and restore the system.
“Withdrawals suspended to avoid fraud”, stated in the statement of the exchange. — AAX will endeavor to resume regular operations for all users within 7 to 10 days to ensure maximum accuracy.” AAX Vice President Ben Caselin explained on Twitter that the 7 to 10 day delay in unlocking funds on accounts is in place “an extra precaution” after scheduled maintenance work undertaken in view of the difficult situation in the industry.
Last week on Friday, AAX said that the bankruptcy of FTX or its subsidiaries poses no financial risk to it as it believes “significant amount” of its assets in cold wallets and does not use client funds for its venture activities.
AAX is a relatively small exchange with about $2 billion in monthly revenue.