HomeLifestyleFTX terrified the crypto market, now this exchange has banned the withdrawal...

FTX terrified the crypto market, now this exchange has banned the withdrawal of money!

highlights

Users can no longer withdraw money from crypto exchange AAX.
The crypto exchange asked for 7-10 days for restoration.
AAX cited a technical problem with the system upgrade.

New Delhi. The bad days of those who invest in cryptocurrency and crypto are not taking their name. After the steep decline in all the major currencies including Bitcoin and Ethereum, now the bankruptcy of crypto exchanges or being sold to someone else is creating more trouble for investors.

The latest news is that the cryptocurrency exchange AAX (AAX) has banned the withdrawal of money by investors. Crypto exchange AAX, however, cited a technical problem in the system upgrade.

Read also: Big drop in crypto exchanges shouldn’t come as a surprise: John Hawking

AAX is a relatively small crypto exchange. Data from CoinGecko shows that trading volume peaked at nearly $2 billion in the past month. In the last 24 hours, this number had come down to around $1,80,000. In contrast, Coinbase had over $1.5 billion in volume over the same 24-hour period.

asked for 7 to 10 days time
The crypto world has been in turmoil since the collapse of the high-profile exchange FTX, which has resulted in an increase in the number of people who like BlockFi and Galaxy Digital. According to a notice titled “Forward through Adversity” on the exchange’s website, the balances of some users in the system were “abnormally recorded” due to failure of the third party partner. “AAX will continue to make its best efforts to resume regular operations for all users within 7-10 days, ensuring utmost accuracy,” the notice said.

scared market
Ben Caselin, AAX’s Vice President of Global Marketing and Communications, said yesterday, “From my observation, it will take a few days for things to open up and resolve.” It is not easy while the market is scared. For now, be a good player and give AAX a gradual opening up while ensuring overall system integrity. This is also the case for the media.

Also Read – ₹8,000 Crore Missing From Customers’ Accounts of Bankrupt Crypto Exchange

In an additional statement to Bloomberg, AAX’s Ben Casselin said, “The FTX situation has put enormous pressure on exchanges everywhere and users are nervous about exchange holdings.” “It is my observation that this can be resolved in a few days, although it may take months to re-establish market confidence,” he added. Casselin also said that AAX “funds remain intact”.

Tags: bitcoin, business news, Crypto, Cryptocurrencies, Cryptocurrency

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