Furious crypto customers stormed into the office of AAX exchange in Lagos, Nigeria to harass the employees following news that the Seychelles-based crypto exchange had placed a pause on all withdrawals in mid-November. While specific information about the attack is still unclear, the Nigerian Blockchain Technology Association Stakeholders (SiBAN) has confirmed the news.
The stakeholder’s organization also discouraged every form of violence against the staff members of the troubled exchange.
“Therefore, we appeal to and discourage any dissatisfied or angry user or investor from harassing or victimizing the AAX Country Manager (Nigeria), other local staff members, and AAX ambassadors nationwide,” SIBAN noted.
“These persons are also facing the same situation as disgruntled users and investors are. At the time of writing this notice, we are aware that communication between these persons and AAX headquarters has been equally strained at this time. We, therefore, appeal for understanding and patience from all Nigerian AAX users.”
AAX Exchange is not Exposed to FTX
When the business decided to suspend withdrawals, it clarified that the decision was in no way connected to the implosion of the FTX Derivatives Exchange.
Rather, it was a result of a breach detected while running routine checks on the platform. Ultimately, it allegedly had no financial ties to the embattled cryptocurrency exchange but accepted that it had been affected by the FTX contagion
Almost immediately, AAX Exchange began its search for more capital as its scared users had initiated large withdrawals following the news of the FTX Derivatives Exchange collapse. SIBAN commented on the situation on ground saying
“Considering that AAX’s system upgrade came at a time FTX collapse is still causing a contagion effect on the entire crypto industry, AAX’s timing of its system upgrade was suspicious and questionable in the first place.”
“Consequently, for many AAX users and the members of the public, the prolonged AAX system upgrade till the time of writing this notice significantly raises more questions than answers. And AAX, contrary to its promise to maintain a daily update of the situation, has so far neglected or failed to maintain the trust and confidence of its users.”
Markedly, Ben Caselin the vice president of the exchange resigned from his position. Before his exit from AAX Exchange, Caselin faced much opposition especially, as regards his office