Crypto exchange AAX suspends withdrawals
trends.aax.com
Crypto exchange AAX suspends withdrawals
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Re: Crypto exchange AAX suspends withdrawals
#27-10 days for a so called "system upgrade" lol
Re: Crypto exchange AAX suspends withdrawals
#3Sounds to me like "We're running out of cash, so we want to prioritize our friends withdrawals and delay everyone else".
Next week, we'll announce insolvency, and all those withdrawals in the queue that haven't been processed never will be.
Re: Crypto exchange AAX suspends withdrawals
#47-10 days for a so called "system upgrade" lol
I've had a store credit card (via Comenity Bank) having "system maintenance issues" since early June, refusing to pay out the money owed per their rewards scheme. No one at either the store's corporate office can tell you anything nor will the backing bank say anything other than "We value you as a customer and appreciate your patience."
It's a common industry tactic, sadly, to scapegoat IT operations for internal failures.
Re: Crypto exchange AAX suspends withdrawals
#5So they're next?
Re: Crypto exchange AAX suspends withdrawals
#6Domino effect perhaps
Re: Crypto exchange AAX suspends withdrawals
#7Forgive my ignorance but it seems that one major problem with crypto-exchanges is that they don't necessarily have any assets other than the crypto that has been deposited there, which means all overheads (which I am assuming for some of these guys is $Ms/year) can only come from trading crypto unless they are charging reasonable money for the privilege of using their exchanges.
In the FIAT world, banks make tonnes of money from things like loans and mortgages so they can handle some risk by holding onto cash.
If this is true, how does it get fixed? Is there any reason someone would take out a loan in crypto and pay interest on the repayments?
Re: Crypto exchange AAX suspends withdrawals
#8The warning bells should be going off in the entire crypto sector right now. If you have money in crypto, I'd strongly recommend going off-exchange
Re: Crypto exchange AAX suspends withdrawals
#9In the current climate, I'm left wondering who still has their crypto on exchanges. Which maybe thats the problem - people withdrawing funds causing even more bank runs.
Re: Crypto exchange AAX suspends withdrawals
#10Forgive my ignorance but it seems that one major problem with crypto-exchanges is that they don't necessarily have any assets other than the crypto that has been deposited there, which means all overheads (which I am assuming for some of these guys is $Ms/year) can only come from trading crypto unless they are charging reasonable money for the privilege of using their exchanges. In the FIAT world, banks make tonnes o…
There is nothing wrong with this, and indeed it's a good thing.