Cryptocurrency exchange AAX has suspended user withdrawals, while the industry is bearing with the ongoing crisis around FTX.
The exchange said in a press release that its third-party partner failed to conduct a scheduled system upgrade, resulting in abnormal data recording in the database. In order to avoid "fraud and exploitation," AAX halted withdrawals for 7-10 days to ensure the "utmost accuracy."
"We understand it is important for users to be able to withdraw and transact as soon as possible, and we are working extremely hard to offer limited withdrawals to minimize risk," the exchange said.
Although it is unclear what was the nature of the technical malfunction, AAX said its team had to "manually proofread and restore the system to ensure maximum accuracy of all users' holdings."
