The social media channels of major Hong Kong-based crypto firm Atom Asset Exchange have gone offline, sparking concerns of an impending collapse.
As of yesterday, the social media accounts of Atom Asset Exchange (AAX) were no longer accessible including its Facebook page and Youtube channels.
This has sparked concerns as the Hong Kong crypto exchange made an announcement earlier this month saying that it had suspended withdrawals due to «acute pressure» on the firm’s capital position and system «abnormalities».
AAX’s website is still online, although there is no spot trading data displayed, with a notice saying the system was undergoing maintenance.
Ben Caselin
While AAX said no funds were compromised and that it would start to process withdrawals as soon as it has resolved the capital deficit – also adding that it had no exposure to FTX or its affiliates – others have illustrated a less stable situation.
«I placed a lot of trust in this exchange as well and used it as a platform to educate. The way things are handled is without empathy and overly opaque,» said the firm’s ex-head of research and strategy Ben Caselin, who said he resigned from the firm in a series of social media posts. «The brand is no more and trust is broken.»
AAX was founded in 2018 and launched its exchange a year later, becoming the first crypto user of the London Stock Exchange’s matching technology. It would grow to become a major player with $57.2 billion of trades recorded in July, according to data from CryptoCompare.
