The FTX breakdown created a high level of doubt and fear among crypto investors and users. Last week’s crypto market was filled with uncertainty for crypto asset prices. Investors are afraid to make a move on cryptocurrency after facing huge losses in the recent FTX collapse. On November 13 2022 AAX suspended all withdrawals from the platform in the wake of FTX bankruptcy. The entity stated to avoid exploitation it suspended the withdrawals.
But the situation has changed now. Today Hong Kong-based AAX officially announced that the entity is going to increase the capital market from its platform. The AAX further added that to secure users assets on the platform the entity is going to implement legal procedures. From the past week AAX shareholders contributed extra capital that will help the platform to raise its capital market.
“If we are able to inject additional capital by the end of this week, AAX should be able to resume services as usual. If AAX is unable to secure funding to enable us to restart operations, AAX is committed to initiate legal procedures to secure and ensure the distribution of assets.”
Recently AAX noticed malicious attacks on the platform to protect the users from cyber attacks. It is going to introduce system upgrades. To maintain accuracy on the platform AAX developers are ready to resume regular operations for all the customers within 7-10 days.
“Due to the failure of our third-party partner, some users’ balance data were found abnormally recorded in our system,” AAX added further.
And the platform set up a special team to maintain daily updates everyday and monitor the situation everyday. “We also seek to provide the highest level of transparency on our liquidity and risk management.”
Recent approaches by the East Asian nation of Hong Kong towards the growth of crypto assets and digital infrastructure in the country. As per the data released by the Forex study, Hong Kong surpassed the United States as the best-prepared nation for the adoption of crypto platforms and widespread use of cryptocurrency. Hong Kong was positioned in the first place with a score of 8.6, followed by the United States with 7.7.
The Hong Kong Securities and Future Commission (SFC) made a legit decision to adopt new cryptocurrency regulations in the nation. Recently, HashKey Capital has gotten approval from the SFC to conduct a 100% crypto portfolio in the nation. It is not the first company that has gotten approval to provide crypto asset services in the country. Huobi and MaiCapital Limited, major crypto platform organizations in Hong Kong, also became successful in getting a license.
Source: https://www.thecoinrepublic.com/2022/11/17/aax-decided-to-raise-additional-capital-for-the-users/