AAX Exchange VP Steps Down Following Withdrawal Suspension

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Another crypto exchange which began halting withdrawals due to the FTX contagion has just seen the exit of one of its executives. Vice President of Seychelles-based AAX exchange Ben Caselin announced that he was resigning from his role in the exchange. 

Caselin, who specifically served as the VP Global Marketing and Communications at crypto exchange AAX, stated that the initiatives and suggestions they presented were not accepted. He emphasized that he has put in enormous effort into trying to salvage the crypto firm. Been Caselin attested to the fact that his role in commit location became hollow.

“Dear all, it’s true I have resigned from AAX. I did fight for the community but none of the initiatives we came up with were accepted. Any role I had left for communication became hollow. 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,” Caselin tweeted.

Caselin Express Displeasure in Adopted Strategy

Before his exit from the crypto exchange, there had been a malicious attack which rendered the platform almost impossible to verify customers’ balances and approve initiated withdrawals.

In all of these, he expressed his displeasure about how the exchange is managing the situation at hand. According to Caselin, so many people have approached him to help but there was really nothing he could do.

“People, including my own family, ask me for help, but there is nothing I can do. Everyone is waiting on actions. I still believe things will be handled without evil intentions, but the damage is done. The brand is no more and trust is broken.”

Caselin opined that whatever strategy the platform comes up with from now would be out of no evil intention, but at this point “The brand is no more and trust is broken,” therefore, the damage has already been done. The FTX contagion keeps pulling many firms down with it as it faces bankruptcy.

The now-bankrupt firm is not left out as founder and former Chief Executive Officer (CEO) Sam Bankman-Fried also resigned as it was putting out its bankruptcy filing. Phillip Gillespie, the CEO of digital assets pioneer and liquidity provider B2C2 stepped down from his position in the firm two weeks ago.

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